bring back the biff tuesday, page-6

What is the Dow Hourly saying......

Probably the most powerful signal's are False Breaks of which we can see a 'Clear' 3 on the above chart....

Firstly .... a F/B to the high side, which met with sustained selling to take the Prices below the previous low.......

Secondly....The new low failed to bring in more selling and the Bulls quickly brought the Price back into the range.....

Thirdly....The Bears again tried to send the prices lower, which did occur, but once again the Bulls stepped up and brought the Prices back into the range.....

So we have had 2 false breaks to the downside without the selling continuing......

This is a very powerful signal for the Bulls that they are well in control and a sure bet that Prices will go higher in the short term....

As always, appropriate STOP LOSS levels should be set, as the greatest failure of traders is the lack of preservation of Capital.....

If you are simply a buy and hold operator regardless of market action, I guess Stop Losses don't apply......