DJIA/DOW JONES short idea (m30/H1)
Updated
Dow Jones INDEX:DJY0 formed a bearish Wolfe wave.
Being supported by RSI divergence at m15-m30 timeframe and significant stopping volume at point 5, it appears to be a good sell entry point.
Crossing line 2-4 supported by increased volume should confirm the move South.
Opened 3 positions at 22049/50, SL 22167, TP 21878
GL All!
Being supported by RSI divergence at m15-m30 timeframe and significant stopping volume at point 5, it appears to be a good sell entry point.
Crossing line 2-4 supported by increased volume should confirm the move South.
Opened 3 positions at 22049/50, SL 22167, TP 21878
GL All!
Trade active
Re-testing of line 2-4 after the initial move South and retrace to 50/61.8 is expected to be the defining point if this wave is successful.The retrace of the index above 61.8 of previous move may mean troubles for bears. However, the move below line 2-4 and staying there backed by solid volume would definitely be good news.
3 more positions opened during this retrace at 22006/19.
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Unfortunately, mini DJ futures quotes here are delayed for 10 minutes.
While writing this, the price has already broken 2-4 again and continued its down move supported by significant volume. However, current situation still provides a short opportunity, but probably not for too long.
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Trade active
The wave is currently working as intended.After strong initial breakout of line 2-4, there is a probability of retrace.
3 lots were closed at 21947, 3 are pending for planned TP. Depending on situation's development, it may provide further opportunities to re-open more shorts.
Trade closed: target reached
What appeared to be the build-up of stopping volume, was actually the support of continuation of strong down move.2 more positions were closed at line 1-4 cross - initial TP (point 6) was reached successfully.
The target line (1-4) touch was accompanied by really high volume spike. Still, the question remains if this is sign of reversal of the current downtrend or just a correction on the way further to the South.
For the last remaining position, SL is set to breakeven, TP at 21706 - all the major markets are deeply in red, chances are that this selloff will continue at least until the end of this week.
Trade closed: target reached
Far TP was reached successfully. Last remaining position was closed earlier (quite a bit actually) that it should have been, but with solid profit anyway.RSI is already almost scratching the bottom, heavy volume made U-shape figure, but DJIA is following the global markets as sellout continues.
The index is currently -1.36% so far - the largest fall since May 17 2017.
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