Dia's first potential major supportOver a week ago, I pointed out the extension of the Dia using the monthly RSI, where it has never been this high historically. I am not here to point out that I am right. But it is frustrating when the moves happen so fast, where the human mind can not adapt that fast. This chart shows the potential level of the first major support for the dia. I predict it may be around the 225 to 227 level. If this does not hold, we could have more downside and a potential bear market. The 225 to 227 around the 200 dmva, a 50% retracement of Fib breakout range, top of the breakout channel and finally its a 15% decline from the Dia high.
DIA trade ideas
First real major support for the DiaOver a week ago, I pointed out the extension of the Dia using the monthly RSI, where it has never been this high historically. I am not here to point out that I am right. But it is frustrating when the moves happen so fast, where the human mind can not adapt that fast. This chart shows the potential level of the first major support for the dia. I predict it may be around the 225 to 227 level. If this does not hold, we could have more downside and a potential bear market. The 225 to 227 around the 200 dmva, a 50% retracement of Fib breakout range, top of the breakout channel and finally its a 15% decline from the Dia high.
Neutral trade on DIA (double double)DIA IVR 33.8
Sold the 211/215/201/188 Iron condor
for $4.70
Target 50% of credit received
Ratio 3x the calls spreads for every 1x Puts spreads
The trade:
Sold (3x) 211 Calls
Buy (3x) 215 Calls
Sold (1x) 201 Put
Buy (1x) 188 Put
for $4.70
Max profit $470
Max loss $830
Bearish Cypher Pattern on the DOW & DIA! DOW heading lower?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
DIA: Dow showing 30 points up in London. Cheap as chipsDIA: SPDR Dow showing 30 points up right now at Igindex.com. that's damn cheap. Take a look at Germany- up 138. Dow and Nasdaq both trading now and are still offering great returns for the brave bull who uses stops sensibly (so they don't get hit unless the market is turning down bigtime)
Bearish Cypher Pattern about to complete on the DOW/DIAHey Traders, We have a Bearish Cypher Pattern on the 1 hour chart. This looks like a good setup to go short. Price may not reach the traditional entry of the cypher pattern (.786 retracement) due to areas of resistance. I will be taking a conservative entry on this trade. I am looking to enter a short position around the 205.50-205.70 price level.
Entry 205.50-205.70
Target 1- 205.00 if Target 1 is successful, I will look to roll stops to near break even for Target 2.
Target 2- 204.40-204.50