DOW : WAIT & WATCH STRATEGY.
After confirmation of shooting star pattern, Dow is in consolidation phase as it has not broken yesterday high. Long position was suggested above yesterday high, which not yet trigger. Currently Dow is trading just above red downtrend line. New uptrend line (green lines ) is emerging . Risk reward ratio is favorable for long positions . SL is if Dow break below green support lines crossing red downtrend line. MacD is below 0 line and signal line, but at this point MacD is not to be considered as it is laggard indicator. Risk traders can initiate long with strict stop, other wise its better to wait till Fed and Debt ceilings decession. Confirmation of trade is long above yesterday high ans short below shooting star candle pattern.
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