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Us30-short

False Break Out Spotted On Dow JonesHi Traders, Another week presents itself and I have spotted a False Break Out on Dow Jones. Price gave a push soon as the market opened which led to the break of a resistance level at 31400. The recent four-hour candle close has pushed back below the range giving me two strong signs which I truly like and sparking confidence in this setup. 1stly We have a strong push and close with a strong bearish engulfing candle stick back below31400. Secondly, you will see that price also created an evening start pattern formation, The fact that this pattern was created just above resistance with the bears taking control and coming in strong I am now locked and loaded to start taking shorts. Essentially I would love a slight pullback of the recent candle before entering more shorts. My stop will be tight as I expect the following candles to respect the high of 31589. My target is at the low of 29800 because of the nature of the entry criteria for this trade. Understanding that a false break out usually leads to a Large move I am more than happy to hold this one all the way. No matter how juicy a trade may seem the only thing I can control is myself and that means staying true to the parameters of my risk management. My risk is always predetermined. Happy trading Renaldo Philander
UShort
by Tradebudz
US30 (DOW JONES)I am waiting for price to reach up still. I believe this is why we haven't got a sell off yet. The market had been creating some liquidity and we have received some sells and buys but it has yet to reach any major point of interest areas. As you can see on the daily timeframe, we made a "higher low" It has been trapping in bulls and bears for long term moves. I have the same analysis for Nas100. Just an idea not financial advice, of course if a good set up presents itself take it.
UShort
by tokyothetrader
2
US30 SHORT AND LONG FROM POINT OF INTERESTAs seen from the chart, the market showed a very impulsive move in the last week and it can be anticipated for it to move a bit more and break more structures and convert into short term sell bias, with this impulsive move there are many retail buyers who are willing to go with the momentum but that does not happen all the time, these moves are planned to catch smaller fish i.e. retail traders. So, with the help of SMC, i can anticipate the market to go a bit more higher and then fall to the lower levels where more buy order can be placed.
U
by theEdger