US30 (DOW JONES) TRADE UPDATE
Good evening traders, I hope your weekend was awesome and you're all ready for the new trading week. Last week the markets made quite some swift moves especially on Friday during NYSE as most part of the week from Tuesday to Thursday the markets were either ranging or in consolidation at different levels. I'd like to share an update on US30 and later on XAUUSD which I had swing short positions. Into the US30 market, price dropped back deeply into the broken H1 & H4 supply retesting it as new demand before a continuation of the rally. However, price consolidated at zone for a while forming wicks to the upside then pushing price below demand with candle close below the zone on H1 & H4 but on the daily chart price closed inside demand leaving a strong rejection wick.
Price then strongly rallied away from demand on Friday during NY session by a strong large H4 bullish candle that took out the previous H1 & H4 high confirming bullish momentum and a continuation of the rally as price formed a higher high at 30985.30 confirming a shift in market structure to bullish. Price continued with the rally in strong bullish H1 candles forming a new high and closing the week at 31142.6. I missed out on re-entering the trade but I'll be looking out for buy opportunities next week as price has finally confirmed the bullish bias after a period of consolidation at demand.
Price then strongly rallied away from demand on Friday during NY session by a strong large H4 bullish candle that took out the previous H1 & H4 high confirming bullish momentum and a continuation of the rally as price formed a higher high at 30985.30 confirming a shift in market structure to bullish. Price continued with the rally in strong bullish H1 candles forming a new high and closing the week at 31142.6. I missed out on re-entering the trade but I'll be looking out for buy opportunities next week as price has finally confirmed the bullish bias after a period of consolidation at demand.
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