I took a quick scalp trade on the DOW.. I don't tend to like to trade the DOW due to it's volatility but I saw a quick opportunity. The black lines represent resistance lines. The large black slanting line shows the price action breaking out of the downtrend pattern and the horizontal black line, the immediate resistance. As it broke I put on a quick long and rode it up 30 points to take a profit... phew!
I have been quite careful of late and this has benefitted my trades.. I have found that the best trades are those which are 'boring'. When I say boring I mean that they do not give me the excitement which I experienced before... I just put them on and wait patiently. Sometimes I am not patient and end up closing them too early. Anyway, one of the terms I have heard before is 'bottom pickers get smelly fingers' referring to those who try and time bottom of markets and this also corresponds to
Last night I put on a short at 1.4983.. it was a lovely trade and one which I just closed at 1.4877 for +106 pips.
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