DOW

Here's today's chart:


Gap down, bounce of major support then gap up.

Again, the question is: is this a relief rally or a very fast trend reversal?

I'm inclined to think the former based on the pattern but these days, who knows?

There are a few resistance levels shown on the chart.

Some good posts and calls here today

Watch the last hour....imho...be interesting to see if this holds the gains was just a big p & d...

be back later...with some thoughts...

atb,
trendfriend

Next level I’m going to place a short at is 20500, and not earlier...
This level was resistance a few days ago and I expect that to be the same today...
I’m going to place my stop above 21000 as that’s where the lower high is...
The bulls will only have a chance if the Dow closes above 21000......

Kudos Remo. Brilliant one as usual.

I must concede, I'm only scalping here and there, can't open a long (or short for too long!) - This morning a took a few quid from Shell (and didn't mind that it charged forward as I got my fish n chip money!).

This tactic has worked well, the trouble is, it requires immense focus, and can't even leave the desk! I'm not suggesting that stops/limts aren't the way, but I think during these volatile times, the manual click of the mouse works best for me!

Also, noted a couple of things:

1. The spreads aren't tight - They say traders love to buy shirts... because they keep losing them!

2. for single point on the Dow, I'm staking over a grand.

This is a very risky business.

Be Safe and do what you keep on doing!

As can see clearly....The trend line held on first attempt.....now if it goes to the trend line for a second attempt it will be too risky to short at that level today...

This is an hourly chart of the Dow,

I’m going to short this rally on a first attempt of that down trend line......as it looks like it’s going to be in an area of resistance when the price gets there....currently around 20200 area but that change each hour lower.....so one to watch...
Remo