DJ30’s previous down trend’s peak has been overcome after breaking and backtesting May 20’s external 40000 resistance level into a support.

As a result, my June 26’s long trade plan has exited in another profit after holding for 16 days and 4 hours:

https://www.finlogix.com/analysis/20240626/dj30-intraday-analysis-and-trading-plan-for-june-26-2024

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 Spinning Top now a Green Body with a Longer Tail Wick

Monthly Candle: Previous close is a Green Spinning Top current is a Green Body with a Longer Tail Wick

Weekly Candle: Previous close is a Green Body with a Slightly Longer Head Wick current is a Green Body with a Very Short Tail Wick

Daily Candle: Previous close is a Green Long Upper Shadow with a Medium Body current is a Green Body with a Longer Tail Wick

In today’s analysis, I’m using the quick July 8-9 swing high to low move as the retracement points of view.

These retracements’s extension levels have helped in surpassing the previous downtrend’s peak levels with conviction and even beyond the 4000 mark.

After the successful breakout and a follow up backtest, May 20’s external high is now a flipped support level to fuel up the DJ30 index higher plus with the aid of the 2 recently built 4H FVGs.

However, assuming last week’s swing high is the local top through another rejection soon, price can correct towards the 39000 level at least.

In today’s trade plan, my bias remains to the upside so I go for another long position.

I like to enter through the current 4H candle’ rally targeting the 41000 take profit mark while setting a stop loss on the nearest bullish FVG’s complete retracement.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

If prices go sideways this week, we will adjust to the next trade plan once the stop is caught.

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

DJ30 Intraday Analysis and Trading Plan For July 15, 2024

Jul 15 2024

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