US30 19/07/2020 for 20/07/2020... There are various ways our Trading week could start for US30.
My analysis would be that we could see a possible rise of US30 over the weekend and then have a retest when the market open on Monday 20/07/2020. I think US30 will be in consolidation through the evenings on Sunday 19/07/2020 when the market opens because the sellers will get in and try to push price down.
Personally I'll stay away from the market through the storm on Monday morning and look for a good opportunity to get back in Long if the market happened to dip over the weekend, I think the Bulls have the Potential to push the market through to 27500 but for now we are definitely going to experience some Storm at this Major area of resistance.
For those who held their positions through the weekend, I believe price is going to climb to 26904 in about 7hrs from our Week's closing point 26635 which will serve as my new Entry for this analysis. That will be my Take Profit 1 closing 264 pips but you can also choose to keep your Take Profit at 26980 for 334 pips.
I don't expect to see a clean break so I'm going to hodl my second position through the possible retest to our Entry point at 26635 and the consolidation at the 26980 (TP) area which may last for about 3 hrs. Then I expect to see a quick rise to my second Take Profit at 27165 closing 185pips in less than 3hrs. Leaving the total trade time to approximately 15hrs and closing 500+ pips in total by my analysis.
As we know, US30 is very shifty and volatile. Market may drop to 26635 for a retest which will be a very sensitive area because the Bears might win a temporary break and pull price further down to 26380 which I intend to Hodl through if this happens, for this reason I've set my Stop Loss to 26194.
I advice you to trade with caution. Use proper risk management of not more than 2% and avoid Greed. Secure positions half way in profit and if your equity is frail please either stay away or trail. I personally recommend new traders and low equity traders to stay away from the market until the calm at about after Lunch hour on Monday.
