Dow Jones Trade Idea Symetrical Triangle NFP Breakout To 45,750
After my last idea did not work, I took a step back and seen what the market was doing. To me, this looks like a basing on the 50% level and a slowing down of price into 44,825 area.
I believe NFP will be used as the catalyst to pump prices higher and into the breakout.
One full expansion of this triangle is at 45,750. This is a level I found using other methods on the weekly and so this is just one more piece of confluence.
I am already in Long at 44,853 because I used the doji candle on the Asia open. I am using a 100 tick stop using the Hourly chart.
Once price breaks out, I will be moving my stop to B/E (If my stop holds before hand)
So far, the gap up is holding as a support channel and the market is grinding higher.
A more detailed view of the 15 minute chart
I believe NFP will be used as the catalyst to pump prices higher and into the breakout.
One full expansion of this triangle is at 45,750. This is a level I found using other methods on the weekly and so this is just one more piece of confluence.
I am already in Long at 44,853 because I used the doji candle on the Asia open. I am using a 100 tick stop using the Hourly chart.
Once price breaks out, I will be moving my stop to B/E (If my stop holds before hand)
So far, the gap up is holding as a support channel and the market is grinding higher.
A more detailed view of the 15 minute chart
Trade closed: stop reached
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.
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.