US30 (DOW JONES) ANALYSIS
Good morning traders, I hope you're all doing well and turning out to vote as today is our country's general elections. Let's remember to promote peace and unity during and after the elections as united we stand and divided we fall. Into the markets today, US30 price rallied to a major supply level on H4 and daily chart at 33421.64 & 32987.21, filling the 1st major range from supply to demand on the daily and weekly chart at 30086.44 & 29802.91 and back to supply.
Price rallied into supply, formed a wick rejection and candle close below supply on H4 followed by a bearish engulfing candle. On H1, price dropped by 3 strong bearish candles out of supply confirming the reversal into the bearish bias. Took sell entries during London session at 32900.80 with SL at 32978.20 and pending sell limit orders at 32987.21 with SL at 33190.29.
Setup taken is a rally base drop, a reversal setup and my 1st target is at 32406.7, the 1st H4 low and my 2nd target is at 31700.2, the next H4 demand level.
Price rallied into supply, formed a wick rejection and candle close below supply on H4 followed by a bearish engulfing candle. On H1, price dropped by 3 strong bearish candles out of supply confirming the reversal into the bearish bias. Took sell entries during London session at 32900.80 with SL at 32978.20 and pending sell limit orders at 32987.21 with SL at 33190.29.
Setup taken is a rally base drop, a reversal setup and my 1st target is at 32406.7, the 1st H4 low and my 2nd target is at 31700.2, the next H4 demand level.
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