Hi, I'm Chris Capre, founder of 2ndSkiesForex. I'm a verified profitable trader and trading mentor. As a professional trader, I specialize in trading Price Action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18 years of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.
Dow Jones Consolidating At All Time Highs | Nov. 19th
Dow Jones Index – Stuck in 70 Point Range Consolidation
As the uptrend keeps on truckin’ along, for the last two days the US index has been going through a re-distribution phase at the all time highs between 16024 and 15950. This consolidation can be clearly seen in the 1hr chart below. Intra-day traders can look to play the range until we get a breakout and 1hr close on either side.
For now, I’m still holding my bullish based on the current price action. However if this re-distribution phase starts to print LH’s (lower highs) and a breakout to the downside occurs, we could see a pullback to 15850 before bulls look to get back in and re-attack the ATH (all time high). If this downside breakout plays out, and follow through buying fails to take out the ATH, then this would likely signal the beginning of a bear move.
Don’t miss our latest article on Protecting Your Mental Capital
Want More? My private members get all my trade ideas & market commentary 4x per week. Click here to become a member.