Dow Jones Friday Day Trading Buy Set UpThis week is shaping up to be a doji candle that is revolving around the Week's Open price of 39,589.
I believe Friday will continue to be a range type of day that will go lower first then start to trade above Friday's open and another explosive short squeeze up to 39,705 before trading back down and closing near the week's open.
I will be looking for a pullback on top of Friday's Open price of 39,501, which so coincidently happens to be Thursday's Open price as well.
I measured 200 ticks above and below Friday's open as that is 0.50% move both +/-
A range day typically rotates around a price level.
I will use my 50 tick stop and 120-150 tick target if/when that sets up.
I will allow myself two chances Friday. Two losses in a row and I walk away for the day.
I use the 4 hour for direction and the 15 minute for my entry.
Bias: I have a 90% lean towards going long up into yesterday's high/ the mid point of the yellow buy to sell box/ 0.50% move higher. Price target 39,705
