The DJ30 has ended its down wave that started on May 20 leading to a new up wave that threatens to target above the 40000 level.

As a result, my May 29’s long trade plan has exited in profit after holding for 25 days and 14 hours:

https://www.finlogix.com/analysis/20240529/dj30-intraday-analysis-and-trading-plan-for-may-29-2024

The US is set to have 5 high impact economic reports starting tonight.

Re-assessing DJ30’s high timeframe candles:

Yearly Candle: Last check is a Green Long Upper Shadow now a Green Spinning Top

Monthly Candle: Previous close is a Green Long Upper Shadow current is a Green Spinning Top

Weekly Candle: Previous close is a Green Body with a Longer Tail Wick current is a Red Long Upper Shadow with a Small Body

Daily Candle: Previous close is a Red Body with a Longer Tail Wick current is Developing a Green Body

Note: I’m using Tradingview.com under the DJ30 Futures pair in BlackBull Exchange to thoroughly re-assess these high timeframe candles.

In today’s analysis, I’m using the May 20-30 swing high to low move as the retracement points of view.

These retracements have completed a down wave and have started a new up wave since then.

Price is currently exchanging hands just above the 61.80% fib retracement level after rebounding on it retreating from Monday’s almost 40000 mark.

Based on the current structure, the DJ30 bulls have more control even as price is hovering in a premium array.

However, yesterday’s price action has created a new 4H bearish FVG.

Fortunately, we can see some buying presence in the last 3 4H candlesticks. To maintain a continuous up wave trajectory, the current daily candle needs to perform a bullish engulfing retracement and holds down yesterday’s low.

In today’s trade plan, I go for another long position.

A deep retracement is much needed within the current support levels in order to nullify the latest 4H bearish FVG.

I set an entry at the 4H 200-MA demand level while putting a stop loss of 300 points below the entry and a take profit target aimed at 40000.

These are the buy orders to play this out:

Note: Different liquidity providers may have set their prices differently compared to Finlogix. Adjust accordingly.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

DJ30 Intraday Analysis and Trading Plan For June 26, 2024

Jun 26 2024

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