DanB1 a live trade as promised I have entered a short position on the Dow at 26900 looking to exit around the 26550 area
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Okay, thanks. Thought you were gone:)
So, entered the trade because a bullish reversal was not elected? Or a bearish was elected? Or the array's showed a turning point?
Can you please you explain? The thing is that it's not about this specific trade. It's about showing that you can trade according to the reversals and arrays and that it works and it's a repeatable process.
If you can let us know here on the blog.
Looking forward to it!
We failed to elect a key weekly bullish reversal but the main reason for the entry is because Armstrong has stuck his neck out here and said we needed to close this week above 26951.82 to imply a further advance. Also the 1st of July has been a turning point with the next showing up as the 8th and normally one turning point is followed by the opposite event on the next, on the energy model we are seeing the market making new intraday highs while the energy models are declining which indicates this rally is not sustainable. On the weekly energy model we are seeing the energy peak before the price high which indicates we may be forming a temporary high. The energy model is very important to understand and helps you to identify when the market is over-bought or over-sold.
Th exit point is the most immediate daily bearish reversal which lies at 26536.32 but we have crash mode technical support at 26617 which may also offer support.
Careful on MA commentary Gumbi... As per the support staff it's not something to rely on and electing weekly reversals haven't proven to be profitable recently...