Ascending traingle on DJIA; possible breakout?

Flatbookers,

We had a great day yesterday and with pips on the board we will look to build on that today. It would seem that early this trading day the flat top we talked about in our previous post....



... is still in play, but for how long? The eagle-eyed market technicians among us will have spotted something of an ascending traingle, a continuation pattern, forming over the past few weeks. Should we break out and consolidate above 11160 apprx. then we will look for an entry long:






Despite recent success shorting the flat top at 11150, let's be mindful of the enduring uptrend currently playing in global markets:



Nothwithstanding the small short positions we effected at 11150 this morning, we understand that an unwavering bear will lose money in this market. We will stay short below 11160. Above 11160 however, and we will flip the trade in anticipation of a breakout and so a substantive move.

Safe trading Flatbookers

"Investing without research is like playing stud poker and never looking at the cards."
- Peter Lynch

DJIA Flat top @ 11150 within a long term ascending channel

Good Morning Flatbookers,

We sold short DJIA at 11145 yesterday, anticipating a pullback on the back of a near perfect triple top We are now out of that position for 70 odd pips



Our principal focus today however, is an entry long. As depicted on the chart below, despite small declines late in the trading day yesterday and early this morning (GMT), the DJIA is in the midst of a strong ascending channel and an uptrend which, at the time of writing, shows no signs of abating. We will look for an entry long then, circa. 11040 with an initial target of 11150.



Trade safely Flatbookers.

"Someone's sitting in the shade today because someone planted a tree a long time ago."
- Warren Buffett