Dow

Forgot to add..
This trade was only for today.....
Come Monday I have to see how things are as the trend line will be higher so then I may have my stop tighter but still trade of the trend line but with a smaller position but also have another order at the 12980 area to go long with 40 point stop. My main positions will be at 12980ish ...
All of the above will be determined Monday morning.

Thanks guys for your input. It's good when people say what there thinking rather than just taking someone's advice.
Dyor
Remo

I'm aware of the risks and I normally won't have a stop more than 40 points but this is a rare occasion ..Very rare.
I always trade of trend lines .its my way of trading. I always trade of more than 2 levels of support. It's just the way the levels have played out. Normally supports could be a few hundred points away but on this occasion it's a lot tighter and does mean you may have to adjust the stops to be able to take the important levels into consideration . If I trade like my normal way then I would get bailed out before the critical level supports hit.
You got to understand the importance of this level. It's not an ordinary level. If it does break then it signals a big correction .
I always buy at support and this is no different.
I'm willing to lose this trade as its the Dow and I would not recommend anyone follow me as you need to know what your doing when playing with daddy Dow..lol.
Thanks for the input guys . I'm glad you guys are ready to say what you think. That's good for this board.
Don't worry it's not the first time I played the Dow.
I am fully aware of my risk on this trade..
like I said I don't mind losing. It would not bother me one bit as the Dow would like to get its revenge on me .
I will be shorting this if I get taken out but only once it back test the breakout point..I'm not emotionally attached to any direction so will go with the trend. Trend is up so have to go with it for the time being.

Just out of curiosity how would you guys play this???

Dyor
Remo

this could so easily go sideways for a bit longer, create a bear flag and boom 200 points down.
You know this !

why not wait and see if it comes down and give you a better / clearer picture.
Your strat is to have a 40 point stop. maybe wait for a swing low or another Price Action set up before placing any trades.

Remo, why are you extending your S/L ? Do you realise if 13000 does not hold, your 100pt S/L will get smashed. Your next target will be 12773 (min) with a second target of 12553 more than achievable.KI.

forgot to add the 38.2 fib is at 13039