Sooooo, for the first time since March 19th, DMI has switched to bearish mode. It already got close on the 7th and 8th May but failed to break through. DMI+ is now just around 20 and slowping down and DMI- is sloping up and for the first time in a long time clearly above 20.
It will be interesting to see if DMI+ breaks down through 20. One thing to keep in mind is that we had a Euro bank holiday that might distort indicators a bit, so I'll be looking for confirmation of the breakdown next week. We also have rollover going on and Friday was a pre-weekend day...in short, there are a lot of reasons why waiting for confirmation of the breakdown early next weak is worth it.
This does NOT mean I automatically exit my long term longs from below 55. However, while I normally don't use stop losses other than breakeven settings at all, I am now looking at certain levels that would get me out my trades.
I'm specifically looking at 57.85 which would force me to close my longs above 50. If 56.0 breaks I'm out of all longs and will lock in profits.
Should be an interesting week to come. :)
EDIT: Ignore the "Entry" levels, those are just used as email alerts because I want to pay attention to price around those levels. They're not really meant as definite "entries".
It will be interesting to see if DMI+ breaks down through 20. One thing to keep in mind is that we had a Euro bank holiday that might distort indicators a bit, so I'll be looking for confirmation of the breakdown next week. We also have rollover going on and Friday was a pre-weekend day...in short, there are a lot of reasons why waiting for confirmation of the breakdown early next weak is worth it.
This does NOT mean I automatically exit my long term longs from below 55. However, while I normally don't use stop losses other than breakeven settings at all, I am now looking at certain levels that would get me out my trades.
I'm specifically looking at 57.85 which would force me to close my longs above 50. If 56.0 breaks I'm out of all longs and will lock in profits.
Should be an interesting week to come. :)
EDIT: Ignore the "Entry" levels, those are just used as email alerts because I want to pay attention to price around those levels. They're not really meant as definite "entries".