Dow Jones Weekly Template Of FOMC Bullish Weekly Template
Updated
Based on market structure, I am looking for a bullish weekly template with a pullback into support for the continuation of the trend. I am looking for at least a 1 times range expansion of last week's range. Thursday and Friday broke out. Friday closed as a breakout with Longs now in the market. Monday is a buy low continuation and the opening range for the week.
I believe Wednesday will be the same as last week as the mid-week reversal at the low of the week for the trend continuation Long into Friday's Low and Monday's high.
The weekly candle should close bullish and at/near the highs. I will be paying attention to the purple line as that is the weeks open. I will be watching price as it auctions around the open of the weekly candle.
ATR on the 15-minute chart is 75 ticks and so that will be what my stops are.
75 tick stops
195 tick targets
I will be using 2.6 risk to reward.
I believe Wednesday will be the same as last week as the mid-week reversal at the low of the week for the trend continuation Long into Friday's Low and Monday's high.
The weekly candle should close bullish and at/near the highs. I will be paying attention to the purple line as that is the weeks open. I will be watching price as it auctions around the open of the weekly candle.
ATR on the 15-minute chart is 75 ticks and so that will be what my stops are.
75 tick stops
195 tick targets
I will be using 2.6 risk to reward.
Note
This wick candle I have circled is of great importance to me and could be where the market pulls back to because it was a spike down that got eliminated. Most likely an area with unfilled orders.
Also, the average weekly candle is 1500 ticks. If this a strong bullish week, then price should hit the 1.25X range expansion.
Trade active
Went Long on the reverse hammer and was 5 ticks away from my target. I don't know if it will reach it or not now. So close. I was thinking about raising it to the 1.5X range expansion
Note
This week has been going great according to plan. Pullback for the FOMC rally. Only Friday is left, will it hit the 1 range expansion and close at the highs of the week? That is my guess.
Note
Not a bad week this week. If I can do more of this in the future, I will have much better results. Made 6% this week day trading. Need to find good levels of support and buy.
Will continue to monitor and trade in direction of the bull trend.
Note
The three things that I have learned the most this week is of the following:
1. To not trade the first two hours. Wait until market volatility to slow down.
2. No need to guess where market is going. Just observe the first two to three hours. Use the session itself to target stops to the upside or downside. 75% of all NY sessions are range bound and will trade inside of a range.
3. To only enter in on the smallest of candles to use the smallest stoploss of one bar stops. To give up chasing big, fat bars. I want to be a buyer on small doji candles.
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