Hi, these are just ideas not recommendations, sometimes I trade my ideas, sometimes I don’t.
Always remember, yours is the responsibility for your trades,
Good luck,
Erick



Thursday, March 28, 2013

Dow Jones Support March 28

Hello all,
The Dow continues ascending and today it added 0.36% making again a new 52 week high. As it keeps climbing my last target established at 14429 on February 1 was surpassed, so now it is on uncertainty territory.
Definitively is you did not enter early now is not a right time to go long on the Dow’s ETFs, it is an exercise on patience  but what I’m doing is waiting on the sidelines for a short or at least a correction on the move since I don’t have a new uptrend target.
What happened was on February 1st I got a new target but also my January 11 target was reached so I was kind of in a dilemma, so in February 5 I sold with my original target in mind, it proved wrong because the Dow Jones kept climbing without crossing the support line for that week, anyway it was a 7.3% leveraged profit in 20 trading days, I really do not believe on buy and hold.
As you can see in the chart, the angle was a near perfect 45 degree so the volatility ignited move was a no brainer. Always suspect a long move with a steep angle since it tends to correct quickly.
Support for this week is at 14278.




Sorry for not posting for a couple of months, I’ll try to make time.




Shalom,

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From the Dominican Republic - Swing Trader Speculator - Civil Engineer/Project Manager - sternloinaz@gmail.com