Tuesday, 24 May 2011

Dow Jones Analysis

Nothing concrete in the Forex markets to trade but ive found a potential short entry on the Dow

Nice bearish pin bar candle on the daily timeframe. Trend is now down. Resistance at 12400 broken and is now support. Same applies to 50MA.

Looking go short on order at 50% retrace of todays daily candle

ENTRY: 12378
STOP: 12438
LIMIT: 12198

RISK/Reward 3/1

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1 comment:

  1. Tee Man25 May 2011 at 21:30

    Broke down overnight before rising on european open. it rose to 12440, 2 pips above my stop before breaking down hence stopping me out. An unlucky one considering this has failed at 50ma again. Stop too close

    Thats it for me for 2 and a half weeks. I'll be back trading after this break

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