Ok I've gone short on the DOW. I'm seeing a dowtrend in the daily charts.. it's a series of lower lows and lower highs. I believe that the market has just completely it's retrace from the downtrend and now going to make it's way down. The blue line shows that there has been a resistance where price was contained, this is around 15080. I'm hoping price will head lower to 14650 or so where my target is.
Pinbars are usually great indicators showing strong buyers or sellers in the market. Typically, you would follow the strong participants in the markets as there is a greater chance of the price going your way if you follow them. However, this wasn't the case for the GBPUSD forex pair on Friday. I actually placed a long on the Thursday seeing the pinbar. Now, it was a countertrend trade which is more risky and the day before, we did get a very strong sell bar. However, the pinbar as you can s
Our trade for the week was the long of AUDUSD. If you looked at the previous post you can see why I went long.. it was the pinbar plus the weekly chart showed an area of support where the market went a few hundred points up the last time it hit this area. I still think that AUDUSD could go higher from here, my actual limit stop was at 9695 but with the weekend coming up and me not liking holding trades over this period, I thought it would be a good place to take profit. There's always a ris
