Here’s When It’s Time Take The Trade
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In markets that quickly become oversold
you’re going to find plenty of issues testing support levels. Being able to
‘zone’ in on the ones that have the most confirmation going for them in terms of
technicals and pattern will skew the odds for success in your favor. There’s no
guarantee that the first opportunity will work, or the second for that matter.
But, with a well conceived plan that includes money management, you’ll always be
there to participate when the next favorable trade with edge turns into a
“diamond in the ruff”.
10:16:19
Intraday
Setup Alert
The Dow Jones ETF (DIA)
is testing an awareness zone in today’s trade, with the index proxy down
more than a point. Technical supports between 85.59 – 85.81 include the 20-Day
EMA, daily trendline support off the 3/31 Low, as well as a 1.5 Intraday
Volatility Band. Currently we are watching for potential intraday reversal
setups to form.
10:22:34
Intraday Support Levels
|
DIA
|
Support | 85.40 – 85.60 = Daily trendline support, 2 Vol.Band, and Daily Pivot Supports 84.90 – 85.12 = 2.5 Vol.Band and 200-Day EMA |
13:00:06
Intraday Setup Alert
The Dow Jones ETF (DIA)
is forming an intraday 1,2,3
on top of support levels mentioned at 10:22. Triggers for reversal longs are
above 85.30 with the index proxy down 1.79 at 85.20.
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The only thing that we can control in the markets
is ourselves. This means executing trades with diamond like precision each and
every time something crystallizes within our trading methodology. It might end
up cutting like a knife at times, but over the long haul we’ll have plenty of
nice little gems to show for our efforts.
Chris Tyler
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