9 August 2018 ( 8:34 AM IST)
8 August 2018 (11:06 PM EDT )
US stock markets had a mixed closing in their overnight session. Dow Jones closed in the red but the index is still positive for the week and will remain positive for the month as long as it trades above 25,400.
World stock markets have stared this session with mixed numbers and are trading on local cues and continue with their current technical trend.
Asian stock markets are mixed, SGX Nifty is flat, U.S. stock futures are mildly positive but European stock futures are showing high gains at the time of writing, so we may see a high opening in European stock markets later in the session.
For day traders, a technical trend provides excellent trading opportunity because they can sit back and just trade with important support and resistance levels and blindly follow the trend, without worrying about any global event. Actually, this should be their all-time trading strategy- follow the trend blindly without bothering about anything else.
So, watch how your local index is trading. If it is trading above Moving Averages (20 day MA, on 1-hour chart) then take long trades as long as the trend line remains intact, if it is trading below the MA, then go for short trade with the trendline.