Looking at US30 we can see a clear uptrend, We saw a pullback on the 4 hour chart to the previously broken area. We have rejected this area and created a bullish engulfing candle. Took a late entry long @ 27624 at a retest of the consolidation zone on the lower time frame. Looking to hold this position up to the previous high, Depending on price action will...
US30: 30.10.19: TRADE IDEA : SHORT
OVERALL IT IS MORE PROBABLE TO TAKE A SHORT WITH A BETTER RR, FUNDAMENTALLY & TING. SO I WILL JUST BE LOOKING FOR SHORTS. CBA WITH LONGS BECUZ WILL BE LOOKING AT OTHER PAIRS.
HOW TO TRADE THIS:
At 18.00 we have the interest rate decision. If the rate is low US30 will rally & will look at the h4 Resistance to create a triple...
BULLISH VALIDATION: +strong US data +trade relief +good company earnings & performance
BEARISH VALIDATION: -weak data -trade tensions - geo political
Price is around strong HTF resistance. Strong seller zone around 271 & 272. (create the weekly wick)
Along with fundamental validation will be anticipating and IMPULSIVE move down....
Long term short position on the Dow Jones entered.
Entered at 26750 (26,800 on my broker price feed) which is my previous support now resistance. Lower high, trendline in this zone and Fibonacci Retracement level.
Targeting new lower lows at 25,200