My view of Dow Jones (US30). Potential short opportunity.
Since the start of October we have entered this uptrend channel in which the price was moving in. We had 2 “fake outs” meaning the candle broke out of the channel but was overruled by the next one entering back into the uptrend channel.Smaller timeframes also show a smaller uptrend channel which I marked with the regression trend. My idea/vision/prediction is that the price could come up to 35675 during Asian session where at that point, depending on the price momentum, we could enter in a short. Entry at 35675 with a tight Stop Loss at 35715. Take Profit is at our PBA (Pullback Area) which is at 35080. The sell would be confirmed after we break out of the regression trend which would also break the very strong Resistance from 23rd of Aug to 7th of Sep. After breaking that level we would be due for a pullback down to the bottom of this uptrend channel.
PARAMETERS
- Entry: 35675
- SL: 35715
- TP: 35080
KEY NOTES
- Start of October, we have entered this uptrend channel.
- Smaller uptrend channel on smaller timeframes.
- The sell would be confirmed after we break out of the regression trend which would also break the very strong Resistance from 23rd of Aug to 7th of Sep.
Happy trading!
Since the start of October we have entered this uptrend channel in which the price was moving in. We had 2 “fake outs” meaning the candle broke out of the channel but was overruled by the next one entering back into the uptrend channel.Smaller timeframes also show a smaller uptrend channel which I marked with the regression trend. My idea/vision/prediction is that the price could come up to 35675 during Asian session where at that point, depending on the price momentum, we could enter in a short. Entry at 35675 with a tight Stop Loss at 35715. Take Profit is at our PBA (Pullback Area) which is at 35080. The sell would be confirmed after we break out of the regression trend which would also break the very strong Resistance from 23rd of Aug to 7th of Sep. After breaking that level we would be due for a pullback down to the bottom of this uptrend channel.
PARAMETERS
- Entry: 35675
- SL: 35715
- TP: 35080
KEY NOTES
- Start of October, we have entered this uptrend channel.
- Smaller uptrend channel on smaller timeframes.
- The sell would be confirmed after we break out of the regression trend which would also break the very strong Resistance from 23rd of Aug to 7th of Sep.
Happy trading!