This was a nice move that pushed higher in an orderly manner on Thursday night. The price is now, (Friday Morning) just under 200 points higher than where I exited.
Dow Long Trade – 80 points profit – At Night
Category: Index Trades
Dow Short Trade – 100 points in an hour
The trade was opened and shortly thereafter there was sharp selling. This allowed for a breakeven stop to be entered.
After a while I moved the stop loss lower and also had a take profit order in.
Then it was decided to move the stop loss to +100 points profit which is where the trade was closed out
Dow short trade – 1 Minute Chart – Early U.S. Session
This trade yielded 189 points. There was a Fibonacci retracement drawn on a longer term time frame.
A short position was taken in anticipation of a trend line break. As happens frequently, price pushed higher after the trendline break, resulting in some sort of false breakout.
At a certain point while the trade was on, I placed a breakeven stop loss. Then I moved it to about +30 points. Then I exited manually. If you zoom out to a 5 minute chart, you’ll notice that price bounced around the area where there was a prior swing high.
