DJ30 is inching closer in retesting July’s all-time record, upsetting August bears in the last 3 weeks of heavy buy backing.

As a result, my August 16’s short trade plan has exited in another loss after holding for 6 days and 23 hours:

https://www.finlogix.com/analysis/20240816/dj30-intraday-analysis-and-trading-plan-for-august-16-2024

An updated overall record of 5 wins and 7 losses.

There are 4 upcoming high impact economic reports next week.

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: Last check is a Red Long Lower Shadow with a Small Body now a Green Semi Dragonfly Doji

Weekly Candle: Both previous and current are Green Bodies with Longer Tail Wicks

Daily Candle: Previous close is a Red Long-Legged Spinning Top current is a Green Body with a Longer Head Wick

Some traders are tempted to short the current levels seeing a triple top pattern in the making.

However, I’m looking the opposite way after Chair Powell’s dovish speech delivery on Friday.

After the previous down wave is completed convincingly, I will be careful if I'm going to short this pattern.

Looks pretty strong right now and odds are higher for another leg upward.

Lower high trendline seems nullified in Friday’s rally and I refocusing August 1’s swing high to August 5’s swing low’s retracement points of view, especially the bullish extension.

Based on the recent bullish findings, I am switching back to a long position.

The DJ30 buyers are in control more and this recent up wave can turn to an impulsive one.

I am going to FOMO entering at the higher prices, setting the cut loss mark at the 78.60% fib level while taking profit at the 42250.

Price is still holding up staying bid mode with an intention to break the retracement’s swing high resistance.

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

Let’s see how this one goes and good luck.

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

DJ30 Intraday Analysis and Trading Plan for August 24, 2024

Aug 24 2024

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