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!
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Trade Failed. Will try to find another set up later.