Alec40

Bearish Cypher Pattern on the DOW & DIA! DOW heading lower?

Short
Alec40 Updated   
AMEX:DIA   SPDR Dow Jones Industrial Average ETF
7
Hey Traders, We have another short term trading opportunity on DIA. There is a bearish Cypher Pattern Completion on the 15 Min Chart along with several 15 min Candle closes outside of the upper Bollinger Band. The Market is trying very desperately to go higher but cannot seem to break out of this range that it has been in. The Market may be attempting to go higher here but I will not be betting on that until we see some real signs of strength and can create a higher high/higher low.
Entry- 209.40
Target 1- 209.00
Target 2- 208.70
Stop- 209.80

Trade closed: stop reached:
Stopped out! I did expect this trade to go against me a little but unfortunately price broke through a strong level of resistance and stopped us out by 2 points!
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.