Dow Jones Trade Idea Symetrical Triangle NFP Breakout To 45,750
Updated
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
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