The bears still around!!Looks bearish, drawing in bids in a rising channel. Looking to sell a break out of that channel for a drop to 32600. Trade should yield an R of 3.
Shortdow30
AXP Weekly Options PlayDescription
A close < 176 triggers a short position.
Using expiration two weeks out for a little additional time on this slow mover.
Put Debit Spread
Levels on Chart
SL > 176
*Stops based off underlying stock price, not mark to market loss
The Trade
BUY
11/12 172.5P
SELL
11/12 157.5
R/R & Breakevens will vary when filled.
The long put is placed ATM for higher chance of profit,
Short put is placed at the support established in August - September.
Always implement proper risk management
Only invest what you are willing to lose
short Us30Short entry on Us30 based on;
Price action pattern on resistance zone (triple top)
confirmation of divergence on RSI
bearish engulfing entry on 1hr timeframe.
DOW giving us a hint of what's to come I don’t normally trade this market but I’ve been watching the Dow for many, many months waiting for this.
Many called this pattern since March a v-bottom. I disagree. I actually think the March drop and recovery is just the beginning of a massive long term double bottom that will span over a number of years.
The recovery has only happened because of the US printing money and propping up the economy until the election - but how long can this last? At some point the printing has to stop or slow down. It is only then that we will start to see the long term effects of the covid pandemic and the real recession will be felt in the market.
This is where I see the next leg down beginning. This can start to happen before the election - there is no guarantee it won’t.
I have already shorted the break of the trend line and took profit at support. I am now trading the recovery up and retest of the trend line. We will either create a lower low from here and continue down OR we will create another high, forming a double top. At either position I will take profit and open a longer term short, with the first target being the 24850 area. The 10&20 EMA’s are also about to cross bearish on the daily and MACD has already crossed.
I am also watching the DXY when making my trade decisions as when this is bullish, the dow tends to be bearish. When we broke the trend line, the DXY also happened to break a key area of resistance. Watching both to make trade decisions is a good idea.
It’s hard to say which way to go right now because of the elections and government manipulation so be careful out there.
If you want to short the Dow against BTC (if your BTC bias is bullish) then you can make bigger gains than shorting against USD. I found this exchange to do that here.
Bear Flag Forming - 24,000 then SHORTBear flag forming. Expecting a rally up to just below 24,000 (this level also coincides with a retest of the weekly 200MA support turned resistance) before the hammer drops and smashes us to a target of somewhere between 11,200-12,200.
US30 DOWJONSE 4H Technical review ** stop lose for 1st short is half of 1st target
targets and stop lose are clear on chart
This is not an investment recommendation or any call to buy or sell
It is just an analysis based on a study of the history of price action
Behavior , that may not be a necessarily reason for the success of
the structure or repetition. So please make your decision based on your vision .
To protect capital and manage your deals and trading successfully
the maximum loss in each transaction for the same currency or
commodity in the same direction should not exceed ( 2% ) of the capital .
Good luck >>
Dow Jones longtime shortKey resistance at 25.000
In the longterm I see some big downside momentum coming in the stock market!
Double Fib setup perfectly matches the key levels shown in the analyse.
Waiting for confirmation hopefully next week to enter short!
S&P looks pretty similar right now.
DOW30 approaching resistanceDOW30 is approaching resistance level 25440 with decreasing volume. Bulls are testing the resistance zone to see if any bears show up.So wait for bearish candles to show up first before taking any short position. Price might break through the previous swing level at 25440 to lure in break-out traders before swinging back down. Thus SL is set slightly higher at 25940 in order not to get caught by fake breakouts.
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