Happy New Year to all of you!
A new year full of new trading opportunities!
The US indices seem to be close to ending a bull rally that started in 2009. This bull rally has been counted as a wave 5 impulse. We saw another minor rally after the US elections which was driven by financials. I won't go into politics but to me the sell off in US stocks and the dollar is inevitable for 2017.
But as you all know I don't care for what I think and I don't care about pips. These are the two main reasons traders loose money although they have all the knowledge to make money.
We trade what we see and we only care about risk/reward and probability. The rest is for sales and marketing;-)
What I see at the moment for the Dow Jones Index is a wave 3 of wave (iii) showing a new high by means of a peak in momentum.
We saw some nice consolidations lately on the daily time frame which are perfect for entering trend continuation trades.
I will therefore be looking for such a correction once again. If however we see a sharp correction as we saw for wave ii, we might have a harder time to trade the continuation. I will therefore always be looking for a minor impulse-correction before buying Dow Jones Index.
Updates will follow and I will adjust if we see a bearish impulse because that might result in either a sharp correction but could also be the reversal all together!
Safe trades!
A new year full of new trading opportunities!
The US indices seem to be close to ending a bull rally that started in 2009. This bull rally has been counted as a wave 5 impulse. We saw another minor rally after the US elections which was driven by financials. I won't go into politics but to me the sell off in US stocks and the dollar is inevitable for 2017.
But as you all know I don't care for what I think and I don't care about pips. These are the two main reasons traders loose money although they have all the knowledge to make money.
We trade what we see and we only care about risk/reward and probability. The rest is for sales and marketing;-)
What I see at the moment for the Dow Jones Index is a wave 3 of wave (iii) showing a new high by means of a peak in momentum.
We saw some nice consolidations lately on the daily time frame which are perfect for entering trend continuation trades.
Updates will follow and I will adjust if we see a bearish impulse because that might result in either a sharp correction but could also be the reversal all together!
Safe trades!
