It has been a long time since our last post. The market conditions did not gave us the chance to write a decent blog about the current market or indicators to use.
Yesterday was one of the most important days of this year, the day the FED announced what they would do with the rate hike. The market could turn either side and while the news was not as positive as expected, the market did turn green (happily).
We had our position long so we made a decent profit yesterday. That is the reason why we have openen a Myfxbook trader account so you can follow our proces in trading these difficult markets. The market is and remains stuck for the following days or so. Regarding the DOW, this would be support 18.000 and resistance 18.350. Today might be the day this Fibonacci retracements level is reached, in order to validate this, the market must close above this important level.
The stock market is not as hard as forex or gold. If we can give you any advice, it would be to trade stocks and indices instead of forex and gold, which is highly speculative.
Our expectations for the market is positive on short term. If the DOW closes above the 18.350 level we will open new long positions with targets at 18.447 (former support level) and 18.500+.
The Dow Jones is slightly harder to trade as local indices (like AEX Netherlands or DAX Germany), but is worth the time to investigate if you want to become a good trader.
For now, have a good trading week ahead and we will write again soon.
See you all at our next blog post!
Vince Roestenburg
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