ASX 200 Index 28/08/14

FX:AUS200   S&P/ASX Index
33 0 0
This index has nowhere to go but up. The uptrend line which served as a support line and a horizontal support line are shown in the chart. These two lines and the price action that will take place near these lines are important for us to know where the market is going and the right time to trade. We know that the market is going up but we do not want to buy at a higher price because it will give us more opportunity when we go long at dips/retracements.

To find our trade here, we'd wait for the price to reach either of these two lines and wait on how the market will react if it reaches either of these levels. Though the horizontal support line is not as solid as the uptrend line, we might want to consider that as well in our trading. But it would be a lot better to buy at the uptrend support line after a bullish price action occurs because this line is more probable to hold.

This index is going up, so it's up to us to analyze where to buy and that would be on the support lines. That simple.
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