Market was wild last Thursday and moved up 218 points from 11,216 but I lost only 100 points shorting DJIA from 11,240. Sifu always emphasize on controlling our SL. DO NOT carry overnight losses and ruin yourself!
Dow Jones Industrial Average (DJIA)
Finally DJIA has break above the strong resistance level of 11,257 (Apr-10 High) and generally the market is very bullish now!
For ProTM associates, with Dow breaking above 11,257 level and closed above this level, it confirms the big trapezium. I remembered Sifu mentioned during the 1st ProTM session back in August 2010, you have a lot of time to react. So for the time being, hold your fire to short and waits patiently for the opportunity to come to us.
DJIA closing: 11,444 (2 Years High)
Strong Resistance: 11,867 (Aug 2008 High)
Resistance: 11,786 (Sep 2008 High)
Support: 11,250
Strong Support: 11,050
One Senior associates told me that he is looking at DJIA toward 11,800 region, and he said "The higher it goes, the harder it falls." I like this comment very much and I am looking forward to this day.
Favour to Long DJIA, Trading Plan for Monday (Intraday):
Entry: 11335 SL 11295 TG 11455.
Nasdaq 100
Closing: 2186
Resistance: 2239 (Oct 2007 High)
Support: 2147 (Confluence Line)
2nd Support: 2130
Nasdaq 100 may have the potential to head higher, to test higher high towards 2230!
Pick Long at 2152. SL 2144 TG 2176 (Intraday) or ride the bullish trend towards 2,230.
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