DFS stock graph provided excellent conditions to carry on swing trading last night. The US stock’s price hit the moving average of Bollinger Bands in both the daily and half hour graphs, accompanied by a great candlestick formation in the daily chart, which strengthens the signal for a short term downtrend. Besides the stock is in a long term downtrend for almost a year although not a major one; the slope is rather small. Additionally there was MACD divergence in late June shown at the 30-min graph which make things even better. My stop loss was set at 15.00 but I’m moving it to 14.18 which was the price I shortened the stock. In other words this is another risk-free trade for me from now on.
I will be looking to exit at 13.60 given there will be a candlestick formation, otherwise I am ready to let the trade run down to 12.00 reaching for the lowest low of last month.
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Jim Makos
Jim Makos has been a professional gambler since 2003 when he first played Blackjack at the local casino. During the following years he developed online betting systems and became an expert in sports trading at the betting exchanges, mainly by scalping the betting odds at horse racing markets. He has also been a casual online poker player and shares his experience in his personal gambling blog. Forex and stock trading fascinates him and he is testing trading strategies based on technical analysis applied to financial charts. Follow him on Twitter - Find him on Facebook.
