TRADE OF THE WEEK | Classic Price Action Trade💰
Hey traders,
This week, we caught a great short trade with my students on US30 index.
We spotted a nice horizontal key level where the market formed a double top formation.
Our trigger was a breakout of its neckline,
the position was opened on a retest.
Then the market dropped sharply giving us a very nice winner.
Did you catch this move?
❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️
Indexes
Dow Jones Index (US30): Waiting For Breakout 📈
US30 index is testing a key weekly demand area.
The next bearish wave will be expected after a breakout of the underlined zone.
Patiently wait for a weekly candle close below that and look for shorting opportunities on a retest then.
Next support will be 26450
❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️
Dow Jones Index (US30): Bearish Move From Key Level 📈
On a today's live stream, we spotted a nice shorting setup on US30.
Dow Jones reached a key daily structure resistance yesterday.
The price formed a double top formation on that, confirming the strength of the underlined area.
I expect a bearish move to 29900.
❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️
DOLLAR INDEX (DXY) Bullish Setup Explained 💵
Hey traders,
Dollar index reached an important zone of confluence based on a horizontal demand zone and 618 retracement of the last bullish impulse.
The price formed a tiny inverted head and shoulders pattern on that on 1H time frame, confirming the strength of the underlined zone.
I expect a bullish move now to 110.98 / 111.
❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️
DOLLAR INDEX (DXY) Key Levels to Watch 💵
As I predicted, Dollar Index initiated a correctional movement from a major rising trend line.
Here are the supports on focus from where the next trend-following move may start:
Support 1: 110.3 - 111.25 area
Support 2: 106.6 - 108.2 area
Support 3: 104.6 - 105.1 area
Once the price approaches one of these area, look for a confirmation on lower time frames first.
❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️
S&P500 INDEX (SPY) Very Bearish Outlook
Hey traders,
After a bearish accumulation within a descending triangle formation, the price finally broke that yesterday on 4H.
I believe that it is a very important trigger and it may push the market lower.
Next goal for sellers - 3525.
Good luck next week, traders!
❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️
DOLLAR INDEX (DXY) Historical Structure to Watch 💵
US Dollar is unstoppable.
The index keeps growing like crazy.
Here are the key levels that I spotted from where we may see retracements:
Analyzing a weekly time frame, I spotted an expanding wedge pattern.
In the past, the price perfectly respected its boundaries.
The market is approaching that at the moment.
I believe that the market may start a correctional movement from that.
The midterm goal for buyers is 120 - 121 resistance cluster based on 20 years' highs.
Pay close attention from that area, probabilities will be high that the market will react to that.
❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️
VIX Weekly Rally?The VIX is the CBOE Volatility Index of the S&P 500 Index.
The VIX is generally inverse of the Market's Movement, specifically the S&P
Volatility is not stable for markets and acts similar to a greed/fear indicator for the markets.
The Higher the Volatility (VIX) The greater the Fear
VIX has been in an uptrend the past few months since the Bear Market Kicked off earlier in 2022
Vix Uptrend = Market DownTrend & an increase of volatility
The VIX has been forming this pennant-type resistance and support, and now has been testing the upper ends of this. The weekly chart on the VIX is creating a breakout with Momentum Squeezing thru to the upside as well.
TTM_SQUEEZE Represents price consolidation, and breakouts through momentum indications similar to MACD.
We are currently seeing a flip to the upside in the weekly chart.
This would be bad for financial markets and can definitely indicate another large pullback coming with little VIX Resistance above until $40 Zone.
We have not 100% broken these yet though, so patience is key and seeing how price reacts around these levels is key.
DAX Index: Breakout & Bearish Continuation
After a bearish accumulation, DAX Index broke and closed below a key horizontal demand zone.
That violation may push the market much lower.
I suppose that the index may drop to 11600 level.
❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️
S&P500 INDEX (SPY) Your Trading Plan For Next Week
Hey traders,
SPY reached a demand cluster based on the year's low.
Analyzing a price action, I spotted a harmonic ABCD pattern.
Its completion point matches perfectly with the underlined structure.
To buy with a confirmation, watch a parallel channel on 4H time frame.
Its bullish breakout will be a trigger to buy the index.
The goal for buyers will be 3750 then.
Remember, that a bearish breakout of the underlined zone will trigger a further decline.
❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️
S&P500 Index: Key Levels to Watch This Week 📈
With the yesterday's rate hike, SPY dropped again.
Here are the key levels for you to watch.
Support 1: major falling broken trend line
Support 2: 3720 - 3750 area
Support 3: 3636 - 3676 area
Resistance 1: 3905 - 3918 area
Resistance 2: 4117 - 4145 area
The price is currently approaching a confluence zone based on Support 1 & 2.
I believe that we may see a pullback from that.
❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️
Dow Jones Index (US30): Bearish Outlook For Next Week 📈
Hey traders,
Since the middle of August, Dow Jones is trading in a minor bearish trend.
The price keeps setting new lower lows and lower highs.
This week, the price set a new lower low lower close again.
I believe that it will push the price lower.
Next support on focus - 30400
❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️
Nasdaq-100 Index (US100) Bearish Trend Continues
Yesterday was a very bearish day for many Dollar-related instruments.
Nasdaq Index closed below a local daily structure support.
Moreover, the todays daily candle opened with a gap down,
Signifying a strong bearish pressure.
I believe that the index will keep falling.
Next support - 11500.
Also, remember that 80% of the time gaps tend to be filled.
So be prepared for a retest of a broken structure first.
❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️
NASDAQ Island Reversal on HourlyPicture perfect island reversal following higher than projected CPI figures. I'm thinking the bear market relief rally is complete.
Bought a little SQQQ on Friday 9/9 which was a day too early.
I think we'll have a strong downtrend in the near term at least until the Sept FOMC meeting.