Dow Jones Sell Trade Profits +150 Points | Oct. 31

Dow Jones Index – Hit Resistance Sell Zone, and Drops Heavy
On Tuesday this week we recommended a sell trade on the Dow Jones between 15722 and 15750, which was a key resistance zone. The high on the day was 15737, so nicely packed inside our sell zone. Many of our price action students profited from this trade so hopefully you did the same as this was one of those trades where you could capture a lot of profit with a small stop.

For now, the wide channel I discussed two days ago remains in effect. It should be known the second day of follow up selling has been some what muted, but intraday rallies were sold heavily, so clearly sellers are happy to short below the channel top. Anyone not already short can look for pullbacks towards 15650. Only a daily close above 15775 would negate my short term bearish bias for a move lower, minimally towards 15425 before encountering any buyers.

dow jones sell trade channel top price action 2ndskiesforex

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Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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  • Bigcheef

    Chris, with the experience you have, do you feel there is any correlation between major currency pairs and market indices? For example, the euro dollar has been selling very strongly for the last few the bearish movement on the Dow in any way correlated to currency movements? Is one a signal of potential moves of the other? Or, are the recent highs just coincidence and selling was just around the corner on both?