Hi Traders,
Looking at U.S30 (Dow Jones) Price is moving with the current trend and we can see that it has broken into a new range. Momentum is very strong at the moment but if price does manage to come back to my point of entry I will be happy to take a short position.
Looking at the trend, Price has been falling and making the standard waves of lower lows and lower highs hence there is no question as which direction we will be going. We see at the lower high of 31846. Price has created a double top formation and broken the neckline creating a Rest and then continued to fall.
30466 Is my point of entry for the Dow and My stop will be tight as I do not want to be In the market beyond 30700 if we have a strong retrace up.
This setup could run away and we may not get an entry, So lets not get fomo.
Trade safe
Renaldo Philander
Looking at U.S30 (Dow Jones) Price is moving with the current trend and we can see that it has broken into a new range. Momentum is very strong at the moment but if price does manage to come back to my point of entry I will be happy to take a short position.
Looking at the trend, Price has been falling and making the standard waves of lower lows and lower highs hence there is no question as which direction we will be going. We see at the lower high of 31846. Price has created a double top formation and broken the neckline creating a Rest and then continued to fall.
30466 Is my point of entry for the Dow and My stop will be tight as I do not want to be In the market beyond 30700 if we have a strong retrace up.
This setup could run away and we may not get an entry, So lets not get fomo.
Trade safe
Renaldo Philander