Dow Jones Daytrading Weekly Template Ahead Key Levels
Setting up my key levels for the current weekly template
I will be expecting a range week as it is inside of a bear flag.
Two levels that jump out at me are Last Week's Low and the middle of the range line at the bottom yellow box. I will be using those as targets.
I think the 12's CPI was the last lower high and this week will make another lower high and new lower low.
The average weekly candle is 947 ticks from high to low
Some scenarios I can see playing out are the following
It just depends on if price will work the high first or go down to the low and work that low. I will be looking out for June's Open price as a major resistance level. After going through the last 120 years on the monthly chart, 80% of all June's have been down months.
I will be mostly looking for sells and will be using my trade management of:
Max 2 Losses per day
50 tick stop losses
125 tick take profits 2.5 risk to rewards
No trading the first hour
4 Hour trend/structure
15 minute entry time frame
Shooting for 40-45% win rate
I will be expecting a range week as it is inside of a bear flag.
Two levels that jump out at me are Last Week's Low and the middle of the range line at the bottom yellow box. I will be using those as targets.
I think the 12's CPI was the last lower high and this week will make another lower high and new lower low.
The average weekly candle is 947 ticks from high to low
Some scenarios I can see playing out are the following
It just depends on if price will work the high first or go down to the low and work that low. I will be looking out for June's Open price as a major resistance level. After going through the last 120 years on the monthly chart, 80% of all June's have been down months.
I will be mostly looking for sells and will be using my trade management of:
Max 2 Losses per day
50 tick stop losses
125 tick take profits 2.5 risk to rewards
No trading the first hour
4 Hour trend/structure
15 minute entry time frame
Shooting for 40-45% win rate
Note
Monday's Price ActionNote
Now that Monday has played out, I can see that this exact Monday has happened 3 times in the last 20 weeks. The blue ghost bar pattern is the weekly template from a couple weeks prior. 
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.