US30 Possible head and shoulders forming
Updated
I have included a daily chart of the US30, which indicates the presence of a potential head and shoulders pattern. However, this pattern has not been confirmed yet as it requires a break above the former strong resistance level known as the neckline. If we do manage to break above this neckline, there is a chance for a swing opportunity upward (marked red arrow). Personally, I would take trade for the breakout and retest.
As for trading plan 2, I will closely be watching the price action around the resistance area. If there are signs of weaknesses, I will be taking a short position until the price reaches the 61.8% Fibonacci level (marked green arrow). Keep in mind that there are economic events this week.
From my perspective, I have a bullish sentiment on the higher timeframe (weekly and monthly) due to the price remaining above the RSI 50 level.
*Please note that* the information provided is not intended as financial advice. It is purely an idea or suggestion for informational purposes. It's important to conduct thorough research and consult with a qualified financial advisor before making any investment decisions.
As for trading plan 2, I will closely be watching the price action around the resistance area. If there are signs of weaknesses, I will be taking a short position until the price reaches the 61.8% Fibonacci level (marked green arrow). Keep in mind that there are economic events this week.
From my perspective, I have a bullish sentiment on the higher timeframe (weekly and monthly) due to the price remaining above the RSI 50 level.
*Please note that* the information provided is not intended as financial advice. It is purely an idea or suggestion for informational purposes. It's important to conduct thorough research and consult with a qualified financial advisor before making any investment decisions.
Note
Currently, I am implementing my second trading strategy, where the price has been unable to surpass the resistance zone. I am anticipating a significant retracement to occur. Trading US30 carries substantial risks, and it is crucial to always seek confirmation that aligns with your preferred trading style and risk management approach.Note
There she goes
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