Long DJIA @ 10895

Flatbookers,

As per header, we have executed a sizeable DJIA long @ 10895. With the overwhelming trend still north-facing, we contend that the past few days are not indicative of a change in sentiment but instead present us with a great opportunity to buy on a sizeable dip. The ascending channel below provides us with qualification as to the enduring strength of the ensuing uptrend:





As of 1034 GMT we are 50pips in the black, and will look to add to the position should we see 10895 this trading day.

If we learned anything from yesterday's price action, it's the importance of an adequate stop loss and having the resolve to leave it in place.

"The art of living lies not in eliminating but in growing with troubles."
- Bernard Baruch

This is why we have stops....

Out of DJIA long @ 10945 for -30....

Long DJIA @ 10975; 1508hrs GMT

As of 1508hrs GMT we are long DJIA @ 10975. Notwithstanding the ensuing PIIGS debacle (Portugal, Ireland, Italy, Greece, Spain), BP's oil spill and the NY terror threat, we theorize that the enduring support as seen on the chart below will hold firm until close, at least. Remember flatbookers, one week does no the trend make, and real-time, the overriding trend is still north-facing. As always, we will use tight stops to mitigate losses, should the position go against us.




Safe trading flatbookers.

“Every moment in the market is unique….and you don't need to know what is going to happen next to make money.”
- Mark Douglas