Trading the US30 market this week might be a little tricky but here is my personal opinion of what I think the market will do.
I see a new resistance area forming around 26725 and that leaves a possibility of the market breaking the channel's support area at 26393 and being Bearish down till 26093 (which will be my Stop Loss for this trade) before the bulls try to buy back into the market and push price up.
Personally, I believe that if this happens then it is only a short reversal as I expect Price to break the 26725 resistance area and go Long till 26892 which will be my Take Profit 1 and also a possible future resistance area. I'm going to Close some positions in Profit at that point and continue to ride the Uptrend through the Consolidation at Take Profit 1's resistance area until it breaks and shoots up to 27170 which will be my Take Profit 2.
I expect the resistance at 27170 to be quite strong but I also plan to Hodl some position through it because I believe Price may still go up to 27546 which will be my Take Profit 3 for this trade.
Warning!!!
US30 is a very volatile and shifty market and may no go according to analysis. Please stay away from this trade if you're a new trader or your account doesn't have large enough equity to handle draw-downs or losses on this trade. This is my personal opinion on the market behavior and what I think will happen in the future for the particular market and is only shared for educational purposes. I recommend you always back-test before taking any trades given through analysis, always re-analyse to reduce your chances of losing a trade. Also, make sure to use appropriate lot size recommended for your account and equity size. Good Luck!
I see a new resistance area forming around 26725 and that leaves a possibility of the market breaking the channel's support area at 26393 and being Bearish down till 26093 (which will be my Stop Loss for this trade) before the bulls try to buy back into the market and push price up.
Personally, I believe that if this happens then it is only a short reversal as I expect Price to break the 26725 resistance area and go Long till 26892 which will be my Take Profit 1 and also a possible future resistance area. I'm going to Close some positions in Profit at that point and continue to ride the Uptrend through the Consolidation at Take Profit 1's resistance area until it breaks and shoots up to 27170 which will be my Take Profit 2.
I expect the resistance at 27170 to be quite strong but I also plan to Hodl some position through it because I believe Price may still go up to 27546 which will be my Take Profit 3 for this trade.
Warning!!!
US30 is a very volatile and shifty market and may no go according to analysis. Please stay away from this trade if you're a new trader or your account doesn't have large enough equity to handle draw-downs or losses on this trade. This is my personal opinion on the market behavior and what I think will happen in the future for the particular market and is only shared for educational purposes. I recommend you always back-test before taking any trades given through analysis, always re-analyse to reduce your chances of losing a trade. Also, make sure to use appropriate lot size recommended for your account and equity size. Good Luck!
Trade closed: target reached:
Stop Loss was hunted for most people who took this trade but most re-entered the trade and surfed it to Take Profit 3
