11/19/23 US30 Weekly Outlook
#US30 #WeeklyOutlook
Next week is Thanksgiving holiday so, historically that week can be a hit or miss and especially given the fact that we don't have a lot of news this week so I would tread lightly. We don't have any red folder news until Wednesday and that is going to be an early release of #UnemploymentClaims , #DurableGoods, and #ConsumerSentiment. On Tuesday we do have #ExistingHomeSales which will ll be something that's an economic gauge more so than something we may want to trade off of, but we can see what happens on Tuesday. After Wednesday, there's not really much going into Thursday and Friday because Thursday is a holiday, although we do close out the week with #PMI.
We set the PWL inside of a D+OB and never came back near it. We expanded and created +FVGs on the Daily, 4H, and 1H that held price near the WHs once the #cpi news release on last Tuesday. If we stay in inverse correlation to the dollar I would assume the PWHs are still our targets on the HTF. We set an equal high EQHs with the PWH from 8/28/23. Nothing is really standing in the way of of us pushing higher into them and if we see any LTF moves to the downside I’d take them with the logic that we are trading into bullish points of interest POIs . We are inside of a W-OB (not drawn) and D-OB but the is holding and setting up to push higher.
#BullishCase: We see price stalling and react to a LTF POI and bounce to take the PWHs out. I would look for any recent bullish order blocks or fair value gaps and look for price to react there. We have EQHs that is my main target for us on US30
#BearishCase: We are pushing up hard over the past 3 weeks and all the down moves, even the ones that seem to be setting us up for lower price have been bought back up. LTF moves at fresh bearish POIs from the 4H or 1H are the only sell setups I’ll probably look for and doing so with the #BullishCase in mind. We closed out Friday to the downside and we have two PDLs, SSL, and into the FVGs, and these would be my short terms downside targets.
1H chart
4h chart
D chart:
Next week is Thanksgiving holiday so, historically that week can be a hit or miss and especially given the fact that we don't have a lot of news this week so I would tread lightly. We don't have any red folder news until Wednesday and that is going to be an early release of #UnemploymentClaims , #DurableGoods, and #ConsumerSentiment. On Tuesday we do have #ExistingHomeSales which will ll be something that's an economic gauge more so than something we may want to trade off of, but we can see what happens on Tuesday. After Wednesday, there's not really much going into Thursday and Friday because Thursday is a holiday, although we do close out the week with #PMI.
We set the PWL inside of a D+OB and never came back near it. We expanded and created +FVGs on the Daily, 4H, and 1H that held price near the WHs once the #cpi news release on last Tuesday. If we stay in inverse correlation to the dollar I would assume the PWHs are still our targets on the HTF. We set an equal high EQHs with the PWH from 8/28/23. Nothing is really standing in the way of of us pushing higher into them and if we see any LTF moves to the downside I’d take them with the logic that we are trading into bullish points of interest POIs . We are inside of a W-OB (not drawn) and D-OB but the is holding and setting up to push higher.
#BullishCase: We see price stalling and react to a LTF POI and bounce to take the PWHs out. I would look for any recent bullish order blocks or fair value gaps and look for price to react there. We have EQHs that is my main target for us on US30
#BearishCase: We are pushing up hard over the past 3 weeks and all the down moves, even the ones that seem to be setting us up for lower price have been bought back up. LTF moves at fresh bearish POIs from the 4H or 1H are the only sell setups I’ll probably look for and doing so with the #BullishCase in mind. We closed out Friday to the downside and we have two PDLs, SSL, and into the FVGs, and these would be my short terms downside targets.
1H chart
4h chart
D chart:
Comment:
One note to add, Tuesday afternoon, we do have FOMC meeting notes released at 2:00pm so this may be our big mover. I’ll update on Tuesday.
