Carpe diem: Intraday tactics for Dax and Dow
Dax short 9561 Stop now -5 Now BE. Target? Target 9500. Rationale for this one (and the last) is what looks like a huge big supply zone between about 9500 and 9600. Price has repeatedly bombed down from this area. Previously the same zone was acting as a big demand zone with price shooting up. If the pattern is repeated we could easily see 70 points drop from top. Not my ideal trade but that move was daft. Moving stop behind M1 wave
{quote} Like I said spot on, fake long now big drop
{quote} When they see that a shit load of people are short they lift it up in the opposite direction to take out all stop losses and then let it drop after. They don't want people getting rich off of shorting.
{quote} TP + 162 pts
{quote} And out. That's probably me for today. The action is tricky and I have what I came for. There are a clutch of fibs I have on my chart at around 9500. I have two 50 fibs and one 23.6. Doesn't really matter what levels that are from, the fact that there is a bunch of them at a BRN makes a likely pause level at least hence my target (and 60 points 'felt about right'.). Just to explain that a bit if you look at the drops from this zone previously they probably averaged around 75 before really turning so it would look fairly symmetrical on the...
Should be able to open or re load a fresh short on the DOW soon..
