Dow derived the concept of demand & supply through price movements. Dow theory is more useful for deriving the trend ie,trend is either bullish or bearish.
Steps involved in dow theory
*First we need to spot the major tops and bottoms in the daily chart with 2yrs of data.
*Higher bottom – high top – high volume -> Bullish trend (positive)
*Lower top – lower bottom – high volume ->Bearish trend (negative)
Dow theory failed to explain the price patterns so this can’t be used for intraday trading/weekly trading.
OLD but GOLDEN concept – Dow Theory
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Stock Analysis
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Bullish View
Bearish View
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