Trading the Dow Intraday Long
Updated: Feb 6
The Dow was bouncing off higher timeframe support and we where expecting a retracement move long into the US open. This trade was a little more aggressive as it was against the overall bearish macro trend at the time.
We got positioned on a price retracement after a move higher on the 15 minute chart
A couple of hours later the Dow had moved in our favour and we closed half our trade at first target. This locked in the risk and meant the trade was now risk free.
The Dow continued to rally in our favour hitting a total of 6 targets. We aggressively trailed our stop to lock in profits whist the Dow was moving higher, eventually closing out at 4.5 targets.
As it turned out this was a good trade management strategy to employ on this trade as the Dow eventually retraced back to the original stop location and would have given all our profit back to the market had we not closed the trade when we did.