Dow Jones Futures August-October Range Into Daily Support
Updated
I see a well-defined bull channel, albeit very choppy and rangey. I believe the market will try to build a bigger Long position in this upcoming range before the explosive move higher to 42,000.
On the Daily, you can see the support from August 13th's high and August 14th's low. The gap left behind from August 15th will likely get filled once price retraces back into the support zone.
On the 4 Hour chart, we are at a topping formation with the next leg of moves being bearish back into Daily support. When daytrading on the 15 minutes, I need to pay attention to the bearish order flow until we reach said support and focus on sells in the meantime. Once in support I will start looking for buys again until we reach the top of the range once again.
Seeing how Jerome Powell will be giving a speech tomorrow at Jackson Hole and how we are now in bearish order flow structure, I am betting on Friday being a sell off after a run up.
On the Daily, you can see the support from August 13th's high and August 14th's low. The gap left behind from August 15th will likely get filled once price retraces back into the support zone.
On the 4 Hour chart, we are at a topping formation with the next leg of moves being bearish back into Daily support. When daytrading on the 15 minutes, I need to pay attention to the bearish order flow until we reach said support and focus on sells in the meantime. Once in support I will start looking for buys again until we reach the top of the range once again.
Seeing how Jerome Powell will be giving a speech tomorrow at Jackson Hole and how we are now in bearish order flow structure, I am betting on Friday being a sell off after a run up.
Note
I will be looking for a sell off of 250 ticks on the Dow after a pump and dump from Jerome Powell's Speech.
Trade active
I used a limit order and got filled to the exact tick luckily. I am using 4R on this trade.
I don't know if it will work out or not, nor do I care. I take my swings
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