Day traders long of Dow use this breach of support line as exit

TVC:DJI   Dow Jones Industrial Average Index
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Dow short term exit trigger for longs -
Comment: Notice how the Dow has stopped its ascent right in the gap created on the open of 15th March? And now its fighting itself right inside that same gap area - very excellent in a weird technical way.
Annoyingly this website won't allow anything less than 15 minute charts to be uploaded, so hope any newer day traders are using the 1 minute chart and slinging a trend line under the first two/three lows as the rally kicks off...almost always you'll get three good connections on that line as the move progresses and you'll know it's trustworthy. Then, once the impulse wave has lost it's power (usually after the 4th hit on the line (ie the 5th) and the index wriggles sideways and below the line, it's an early signal to exit and consider going short for a while if it's looking overbought.
Either that, or keep raising the stop to just 3 points below the last little low, but this is a little slower to exit and almost always from a lower level than using a simple trend line on the one minute chart.
Bleeding obvious, really.
Trade active: Dow Update
The Dow came off 96 points - exactly half the 193 point rally from yesterday's close - and whilst doing so it formed yet another tiny reverse head and shoulders pattern on the one minute chart...then it rallied to the half way point of the 96 point decline (48 points) and then stooged around awhile before rallying back up to test the original sell point for shorts at 20853 precisely before coming back to test and find support from the neckline at 20838 which you can see on the one minute chart if you take a close look.
If you like technical analysis this price action should make you smile - kind of perfect. Kind of beautiful too.
So now, whilst it holds above 20838 it remains positive but needs to push up and clear 20853 (old sell point) to trigger more buying in the very near term
Comment: The old Lady's tiring a bit but she ain't finished yet
If long sling a trend line from under the secondary low on the 1 minute chart to catch the lows...if it breaks below here cut. So far so good for day traders. Let's not lose it here.
Comment: Dow
Holding up well as it's not overbought anymore. So long as 20838 continues to hold it should struggle higher. But you can see she's pretty much spent for the day and the exciting part of the sesssion is over. Day traders should only look to short if 20838 gives way. The overall picture is still bullish
Comment: Dow now back at top of today's gap at 20753-47 - also the original neckline of the larger reverse head and shoulders pattern.
Close shorts and only go short again on a beak below 20747 for a fall to 20689.
Comment: What a rinse out!. Think it's safe to go long again with stop just below 20660
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