Last week when Dow is trading at 14600, I wished to short and market did come down to 14450 area and closed above 14550 pts. This hunch worked quite well, except myself bite the bullet to short.
US payroll data (NFP) has risen less than forecast.
Daily Chart: Uptrend intact, we are still looking at 14700 pts. target.
if market is going to retrace, day chart support 14,387 pts.
Intraday 4 Hour Chart:
Market broke below EMA50 and touched 14450 pts last week.
Uptrend is still intact except with a little bit of stronger pull back.
This week, as the earnings unfolds, we want to watch Dow marking new high (breaking above 14700); failing to do so and resisted below 14630 pts would be an early sign for market retracement.
For the first time... after long time. I want to short, and my trading plan:
Short @ 14580
SL @ 14630
TG @ 14450, 14380
I am still sticking to short term trading - trade 1 to 2 days than to hold for 3 or 4 days up to weeks.
Cheers
Ayumi
ayumi, do you not trade forex anymore? Haven't seen any fx trades for quite some time.
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