ICmarkets
Short

Long from 17576 closed at 17909...

FX:US30   Dow Jones Industrial Average Index
75 0 4
In previous writings, we mentioned that we took a long from 17576 on Friday. 70% of our position was cashed in just before the week’s close and the remaining 30% has now been liquidated at 17909 around H4 resistance coming in at 17920 with very nice risk/reward locked in! Well done to any of our readers who joined us!

On the subject of this H4 resistance, notice how it beautifully fuses with a H4 channel resistance taken from the high 18167. This – coupled with daily resistance lurking just below at 17894 could see price bounce lower today. The only grumble we would have selling from here is the fact that weekly action has just rallied from weekly support chalked up at 17606. Therefore, waiting for lower timeframe confirmation is a MUST for us! Confirmation could be either an engulf of demand and subsequent retest, a break/retest of a trendline or simply a collection of selling wicks around a lower-timeframe resistance hurdle. In the event that we manage to pin down a setup, the first take-profit target would be around H4 support at 17789.

Levels to watch/live orders:

• Buys: Flat (Stop loss: N/A).
• Sells: 17920 region Tentative – confirmation required (Stop loss: dependent on where one confirms this area).

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