US30 Descending Wedge

I don't normally trade the US30, but I would like to start exploring this indices and the large moves it tends to make.

I have marked out my major levels as my monthly support and resistance.

Currently we are approaching resistance of this downward sloping trend line, but if we break through there could be some room to run higher based on the technicals of this pattern.

I would be open to the idea of a pullback to the 200ma before pushing through. Alternatively a push through, and confirmation of breakout before moving higher. That could be a good long trade.

Major levels of resistance above us including the CC golden pocket, and several monthly levels. If this move up, I would consider a good TP at 34,400 - 34,600.

I would then expect a pullback, before potentially breaking through the huge wall above which can bring us higher and execute the wedge breakout.

What are your thoughts?

Komen:

On the short term, my idea for a retrace before entry:

Komen:

Small long at the monthly level

Dagangan aktif

Komen:

Komen:

You would have one last chance to long this bad boy, congrats if you did

Dagangan ditutup: sasaran tercapai:

200 PIPS just like that

Komen:

Looking for a new entry that might give me some higher probabilities. Ill be watching the 200MA at 33,850 region.

Watch out for this bearish pattern, RSI divergence.

Komen:

potential trade

Komen:

if you avoid getting stopped out this may likely reach the target

Komen:

that would be tp

Dagangan aktif:

Order placed at exact target $33,850 and what a bounce

Komen:

Nice take profit

Dagangan ditutup secara manual:

There is some liquidity above, which we may even see a move too. But I would only be willing to let a portion of the trade ride at this point ie. 10% of the original trade. You might get a pop up further to approx $35,200, but there is potential the market could just reverse from here too.

Komen:

Exactly as predicted