Forex Price Action – Dow Jones Forms Large Pin Bar | Oct. 22nd

Dow Jones
After ending last Friday with its largest one day loss in over 4+months, the Dow Jones formed a large bullish pin bar, and a fake out in the process.  This could very well have trapped traders short just below the 13300 support level.  What is interesting is how the index recovered all the days losses in two hours and mostly in one candle.  This is a quick change of sentiment and unlikely to be reversed short term, so I will watch for pullbacks into the 13300 level, targeting 13425 and 13500 with tight stops below.

large bullish pin bar dow jones price action oct 22nd

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  • Gabriel

    Hey, Chris.

    Looking at this article again today. Did you sell on a break and close below the 13300 level?

    I’ll be watching the 13300 zone for a role-reversal setup.

    • I didn’t. I ended up staying away from it as id rather look for a rally to sell then sell on breaks for the moment.