Tflow® trading on Dow Jones Index DJ30
Trade indexes…yes, you can use Tflow® too!
Let me illustrate how Tflow® can be use to analyse and trade Dow Jones Index DJ30.
Resistance on DJ30
Boxes to see immediate flow, WR
We can see that price has started a down flow upon touching a resistance mapped in daily chart (see above chart)
Current, price is doing resistance with 1234 mapped. Note that there are 2 counts of 1234.
If drawn an F6 from the larger structure of 1234, then price shown support at F6
To be conservative, triggers will be via F6 as there is no WR presented. However, price has shown very bearish candles, and so there can be a retracement back to Resistance zone which might steal some discount. At the point of preparing chart and time of posting this post, it was 8 hours apart, therefore a retracement back to resistance zone might have already happened.
Do note strong support at 16000-20 and 15900, round numbers
Update on 28 March 2014 2.34pm by Binni
A retracement back to the resistance zone is not to be taken for granted that it will happen, but if anyone misses an entry or entry has too wide a stop loss, then retracement back represents a better price. Below shows retracement back to resistance when F6 has not happened.
Currently price is being supported by 16170-80. Therefore a close below 16170 is important for a movement down
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Updated (8th Apr 2014 by Jerome)
Tweet given on 7th Apr 2014 at 2:47pm
dj30 WRMB, below 16300 has S 16250 16050-60. Blog post here be updated later http://t.co/aMfonOqj6r F6 as stated not valid now
— TerraSeeds FX Tflow® (@terraseeds) April 7, 2014
Price completed the WRMB criteria on the close of the previous week (Wk14)
- Currently price is encountering some support. Look for possible retracement to previous boxes highs as resistance.