weekend charting elevator week 7th may

Hello all,

What a week!! again i still cant even begin to believe what happend last night, truely up the stairs for 3 months and down the elevator for 4 days and goodbye anything you made.

Truely was a perfect storm this week, debt and riots in greece and europe getting worse, Rudd with this pathetic tax and the shennanigans on the DOW last night.

I thought i would start off with a chart i have on the DOW and a bit of a reminder why i should always stick to the plan and actually play a swing down. I actually said to my missus i will short the down and put a limit at 10,000 or break even, i had a chuckle said ill do it after a surf, came back was already down a bit far for what i wanted to risk said nah ill leave that one be... well here is the basic maths i did on that potentail trade. Mind you i only trade mini contracts guys on the futures :)



Next i will put up the chart of the updated megaphone pattern



Hit the bottom nicely, be very interesting to see what happens from here. Personally i think we need to have a rally next week and will be very happy to lighten some of my longs that i really should not have into any strong buying. I will be focusing on mostly day trading from now and will be playing FX gaps monday morning market just seems bit scary for poor squilly at the moment and his over nighters.

Hope you guys all had a good week and be interesting to see some of those charts this weekend, rob would love to see the decenial chart and the major index's if u got em mate :)