never expect during the last few trading week we could have this type of market movement.
A new trading buddy AS, he has a breakthrough over this trading system, his trading system is able to tell whether we will have a breakout tonight or not.
combine with other 2 system he has, he has the target price, entry price, and either Long, or Short.
this is amazing...
but still, more is up! He is going to use Mathlab to program his system, mathlab - this application is for engineer to design and model.. what type of enthusiastic trader on earth could come out with this idea?
He said this is not new to professional traders, oh man, this is new to me.
Mad scientist - he is crazy, and he is the only one person i know one this land who is doing this everyday, and he is always hungry to learn thing, and to make his trading system complete.
clap clap to AS.
back back back to DJIA.
31 Dec 2012, last Monday in year 2012.
We have so many unanswered question over fiscal policy, tax increase and spending cuts, is US going to get over it? I am quite pessimistic, but I am also curious of what our creative US government and Federal Reserves could do about it.
Last Friday, DJIA has fall and close below EMA200.
From 4 hour chart, the inner wave has hit 3L.
Technical Analysis
Bearish sentiment could halt during Asian hour, and hopefully DJIA could retrace up to 12960 pts.
If market is suspended below 12960, and didn't breakup strong resistance 13080 pts, we might see market going south to hit 4L or even 5L target.
4L target = 12660 pts
5L target = 12500 pts
If there's good news, or any positive announcement from the lawmaker, market would swing up - anyhow it is going to be volatile.
Since I am pessimist, I will go short at any of these resistance level, preferable near strong resistance 13080 pts, it would then for another classic example of EMA50 in 4 Hour chart.
Fingers crossed.
the Trend is bearish, market has break below strong support.
From weekly chart, this is what I forecast:
therefore, for daily trading, i would prefer short until market fall to 2500 pts.
Short at initial shadow around 2580 pts, SL 10 pts away, TG 30 pts (2550).
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