Made the lower high a few days ago. I would expect this to decline to slightly above the last higher low at 71.8 to 72 before rising to make another lower high above its current price.
as mentioned, it can be best to operate in the now when daytrading, but i do take your point on having targets to work to anything can happen of course, but i would not be surprised if this one rises quickly to around the 72.60 level if greece does not go on fire. only time will tell TO
Obvious that Yesterday's high was tested and when held price moved higher. Also abvious that afternoon sell off from high stopped at prior day support area. New S/R lines added, play tomorrow long above short below with an eye on failed breakouts. Close ?
The attached text file contains the html code to display the DOW 30. ET won't allow attached files with extension html so I changed it to txt. The extension may need to be changed back to html in order to use it.
MN, you can use whatever way you like best once you get the desired results, and that can be boxes, lines, wedges, etc, etc no matter what you use, unless you react to what is happening you may not find any difference in progression this is just one sample of a simple setup that shows some sort of consistency, i.e, enough to place low risk trades at certain key times! you can come up with these simple setups yourself with a bit of practice TO
always keep an eye on the big picture! http://www.freestockcharts.com?emailChartID=d6bd84eb-b041-41c2-aa8b-7f2593b450e9
the sma's are used of course by some big traders, but the straight lines are much better, especially for daytrading! look at the straight lines on the hyperlink and see if your sma is accurate