The Dow Jones is still in a downtrend even though we had the recent bullish pullback an this is evidenced by the formation of hidden divergence. The formation of hidden divergence usually means a continuation of the established trend will continue. The red lines on the price action and on the MACD, give you the setup. My target would be 31,000 and then 28,750 The COT shows the Non-commercials are short.
Hi...why did you close trade @31600??? Especially as it has so much more (potential) to the downside....it's only now started it's move down. What they say "ride the profits" or something like that.....I'm just curious as to why you've closed. Also your Macd is only now turning.... Anyhow - well done nonetheless .....good work Cheers
forexmilitia
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@Laurent10, the NFP ,I dont know what's coming tomorrow so I locked in profit and now I'll wait and see if I get an other setup. I also hit support @31,500- 600 and it hit the 61.8 fibo. And TY for the complements.
Laurent10
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@forexmilitia, fair enough - and in these times/markets probably very wise you welcome (earned it :))
Laurent10
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I agree...+/- 30k is the target/bottom.
forexmilitia
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@Laurent10, we'll also have to see what Powell says about interest rate hikes on Friday, then we can determine what happen in the next two months. September and October are notoriously bearish.
Anyhow - well done nonetheless .....good work
Cheers