Long
Dow to reverse upwards?
The dow jones put in a dragonfly doji on the daily charts on Friday of last week. Good reversal signal in a downtrend. After all that heavy selling will we see some upward momentum now fear is at its greatest? Prices are so far below the 200DMA and with all those moving averages still crossed to the upside seems like a low risk high probability trade for some bargain hunters to step in. Closer inspection of the 4 hour charts shows a strong MACDH divergence. As long as the MACDH stays ticking upwards I'm happy to go long.
Note
One day on and prices moved up nicely. I've been in and out multiple times taking lots of quick profits starting with a gap fill in the early hours on Monday morning. In such a volatile market no need to hold all positions for long periods of time I just scale in and out, buying dips and selling rallies, its easy for markets to reverse and the name of the game is taking profits.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.