Dow now go long? Fakeout rising wedge?

Nice fakeout of the rising wedge, will it go higher to fill the gap to 22496? Bounced of horizontal support at 21,580. We might see a divergence here before moving upwards but maybe not.

Any further failure could see a move downwards but I prefer to trade fakeouts not breakouts and as hourly moving averages are pointing upwards I'll hedge my bets and go long for some profits at least. Already taken one bunch of profits with the small back upwards move into the pattern so re-entering on the 1 min swing higher low means its a break even trade if the low gets taken out.

These types of trades aren't always successful but trading fakeouts is way more profitable than trading breakouts in the long run.

Trade active:

I'm a swing trader and this market is moving so fast, I've now taken two sets of profits and can keep swing trading the 1 min and then the 5 min chart as the move gets bigger.

Trade closed manually:

Lower high on the 5 min charts, longs are off until a higher low on the 5 min chart comes again. Profits have been banked so now time to see if any short profits can come in a reverse possible breakout trade

Trade active:

Higher low on 5 min chart again with high high on 5 min as well. safe to re-enter longs again. Sometimes its best to come onto the sidelines in cash and wait until the market shows itself again

Trade closed: target reached:

Closed out, 5 min reversal just short of the gap fill, possible re-entry on a swing higher low

Comment:

Nice trade to finish the week, check out the volatility though, we fell just short of the gap fill and the market sold hard in the last hour of trading before the weekend. Was a good run up though after the fakeout and good profits