Big Pull Back on the DowJones (Sells)
Hello Traders,
Next week looks promising for a big pull back to the downside for at least 1000 points. Last week we made a record high on the Dow, as news released of a vaccine which has a 90% effectiveness. We are currently over bought on the H4 and Daily, which are two major timeframes for direction. Price has also reached the Weekly -27 level (30,066), which price rejected from to the downside with about a 30 point draw down. Our rules tell us not to ignore these strong levels where price can reverse from. So now looking on the Daily, we can see that there is a trend line break to the downside, showing us that price is getting ready to form a double top. For any reversal pattern on the Daily, I look to enter at the 78.6 with a 50 point stop loss. Take profit at a 1:4 R:R and take out the rest at the -27 level.
Remember to use proper risk management and do not over trade!
Next week looks promising for a big pull back to the downside for at least 1000 points. Last week we made a record high on the Dow, as news released of a vaccine which has a 90% effectiveness. We are currently over bought on the H4 and Daily, which are two major timeframes for direction. Price has also reached the Weekly -27 level (30,066), which price rejected from to the downside with about a 30 point draw down. Our rules tell us not to ignore these strong levels where price can reverse from. So now looking on the Daily, we can see that there is a trend line break to the downside, showing us that price is getting ready to form a double top. For any reversal pattern on the Daily, I look to enter at the 78.6 with a 50 point stop loss. Take profit at a 1:4 R:R and take out the rest at the -27 level.
Remember to use proper risk management and do not over trade!
Dagangan ditutup: hentian tercapai
Trade Failed. Will try to find another set up later.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.