DJIA – Simple Trading Update – 12 November 2013

simple trading

The Boo Bears continue to poo poo the current uptrend for all manner of reasons.  From our perspective, there is still no reason to question the truth of this trend unless and until price breaks down through the 15,500 area (red arrow).  We thought for sure we were well on our way to said break down after the close on Thursday (7 November 2013) in light of the Bearish Engulfing pattern that traced that day.  However, price held above that 15,500 area and we have since gone on to make another new high (albeit narrowly so).

So what to do now?  That most important (though generally unknown) job of any trader… wait…

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