The DOW looks like it's reached a top, a triple top in fact... in the 4 hour chart below, you can see clear resistance where the market has bounced off this showing a pin bar. Looks like there are strong sellers here in the market and a potential place to go short. I have put on a sell at 13560, looking to take this 50 points down to 13510 (which is just above the support level you can see). 50 point stop also. This is a risk of 1% on my account.
Well I was able to enter the Crude Oil trade last night... seems that the market closes for a couple of hours and reopens at 11.00pm UK time. I entered as soon as it was open and got a price of 9342. You can see from the chart that resistance there showing selling.. I showed the lowest price of today which would have netted 172 points but it's impossible to know when the trend is going to end and you need to give the trade enough room move. However, by using the 15 minute charts,
I got my 90 pips from the trade last night. As you know from my previous post, I had entered the market at 1.2370 with a stop at 1.2460 and looking at a 1:1 risk to reward trade which meant a limit order at 1.2280.. ie a 90 pip stop with a 90 pip target. The two spinning tops were the key here showing that there was selling at the levels, that coupled with the downtrend movement made me feel it was a good short play and I got rewarded. So, a decent start to my trading again after all t
