Dow Jones Resistance Holds via Large Engulfing Bar | Jan 21st
Dow Jones Index – Resistance Capped Offering Range Play
After making a third attempt to breach the yearly highs at 16560, the Dow Jones ran into heavy sellers today forming a large engulfing bar. This sell-off keep the consolidation and range in play, offering a buy setup on the bottom of the range. We’ll look for a small buy play on the bottom of the range around 16235 with a tight stop below. Upside targets are 16400 and 16550. A 4hr or daily close below the lows would test buyers around 16150.
Are you using a risk model that throws money away? Find out by reading our latest article Fixed % Equity vs. Fixed Dollar Amount | Which is Better?
Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.
Want to Learn Price Action Strategies for Trading Forex?
Sign Up for our Monthly Newsletter and Get our FREE E-Book