Trump Said It... The BIG "V" (DJI)
🤔 Will the stock market drop or fly high... Let's take a look!
What is the big V pattern and what does it represent? I want you to focus on the structural support that we have drawn out connecting the 3 green arrows bottoms. This is a very key level of support that we want to take very seriously! We are all aware of the massive market selloff that we had in early 2020. We found a major level of support around 18.5k and then rebounded to run up towards 27.5k. The big v can also be considered a cup pattern which is a bullish pattern to show that the bulls are in control as we continue to print higher lows. But, let's keep in mind that patterns can change and do not always go according to the textbook of what It represents.
Next let's look where our most valuable piece of historical structural data was developed at. I have circled it in red. You can see that this was an area during the selloff where we had some relevant form or an impulse to try and push the market back up. We want to correlate that piece of information with where price sits at now. As of now we have attempted to breach above that structural top where Resistance was at that ended up crashing the market back down. Their is a saying where old support and old resistance can do the opposite and act as the opposite later down the road. Support and Resistance is a very critical thing to understand when trading any market!
This is a 3 hour chart as I am taking a more aggressive approach to play a short here at 26,990. We are getting early signs of a Crossover from red candles developing to Crossover the green line below. We want to see it travel towards 26,919 as that is the level of the historical top to see if it acts as new major support to push the market higher. If I wanted to long the dow jones I would look to play the breakout of 27,451. I will be applying a stoploss here of 1.72% on this short. Risk management is also a very important concept to understand when trading the market, probably the most important!
If we break 26,919 next we will want to look to travel towards the cups green arrow major support level to see how that holds. Look for a textbook Crossover strategy play there or hold if the candles stay red and push through it.
The next level on the way down would be the 2 green levels I've drawn out in the range of 25,000-24,600 to see if that old Resistance acts as new support.
As of now let's not get carried away and not hink too far ahead. Let's play the current range and walk with it.
I hope that I've helped you learn something today! 😁
If you would like to get training on how to trade the markets with our custom strategies and Indicators, then please consider checking out our website below!
We wish you the best and will stay updated on this one!
🥇MLT | MAJOR LEAGUE TRADER
What is the big V pattern and what does it represent? I want you to focus on the structural support that we have drawn out connecting the 3 green arrows bottoms. This is a very key level of support that we want to take very seriously! We are all aware of the massive market selloff that we had in early 2020. We found a major level of support around 18.5k and then rebounded to run up towards 27.5k. The big v can also be considered a cup pattern which is a bullish pattern to show that the bulls are in control as we continue to print higher lows. But, let's keep in mind that patterns can change and do not always go according to the textbook of what It represents.
Next let's look where our most valuable piece of historical structural data was developed at. I have circled it in red. You can see that this was an area during the selloff where we had some relevant form or an impulse to try and push the market back up. We want to correlate that piece of information with where price sits at now. As of now we have attempted to breach above that structural top where Resistance was at that ended up crashing the market back down. Their is a saying where old support and old resistance can do the opposite and act as the opposite later down the road. Support and Resistance is a very critical thing to understand when trading any market!
This is a 3 hour chart as I am taking a more aggressive approach to play a short here at 26,990. We are getting early signs of a Crossover from red candles developing to Crossover the green line below. We want to see it travel towards 26,919 as that is the level of the historical top to see if it acts as new major support to push the market higher. If I wanted to long the dow jones I would look to play the breakout of 27,451. I will be applying a stoploss here of 1.72% on this short. Risk management is also a very important concept to understand when trading the market, probably the most important!
If we break 26,919 next we will want to look to travel towards the cups green arrow major support level to see how that holds. Look for a textbook Crossover strategy play there or hold if the candles stay red and push through it.
The next level on the way down would be the 2 green levels I've drawn out in the range of 25,000-24,600 to see if that old Resistance acts as new support.
As of now let's not get carried away and not hink too far ahead. Let's play the current range and walk with it.
I hope that I've helped you learn something today! 😁
If you would like to get training on how to trade the markets with our custom strategies and Indicators, then please consider checking out our website below!
We wish you the best and will stay updated on this one!
🥇MLT | MAJOR LEAGUE TRADER
Comment:
6% just like that 💰
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Sorry I'm trippin!! Have not had sleep in 48 hrs lmfao 🤣🤣🤣
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Like taking candy from noobs 🤣🤣🤣
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Just hit support. You figure it out.
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4% move
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uhhhh ohhh!!!!
