Trading the DOW after it’s already made it’s huge move!
I came back home and fancied a bit of trading.. my trading has been going ok lately and I’ve introduced some swing trading into my repetoire… I’ll talk about that later but for now, let’s concentrate on the DOW.
So, the DOW had already made a 150 odd gain and I got home wanting to grab some profits. The trend is up on the DOW so we’re looking for long trades when the market retraces. The retraced happened off 10390 back down to 10350 and I had entered my trade a little early at 10360 where R2 support was (pivot line). The market went down a little bit before it bottomed out and headed upwards.
I took profit at 10372 however for 12 points but as you can see from the chart, it’s got to 10400 which would have been 40 points. Nevermind, I still made a profit!
