Price Action – Dow Jones Large Pin Bar Off Critical Resistance | Dec 12th
***NOTE – Please vote for my blog which has been nominated for best blog of 2012 here
Dow Jones Index
After climbing for 800pts in almost a month, the Dow Jones Index ran into the critical resistance and over 1mos highs at 13300. In doing so, it formed a large bearish pin bar after three attempts. Keep in mind, this is after Helicopter Ben announced more printing stimulus of $85B. This means the half-life of central bank stimulus is now unwound in < a day which normally would be weeks.
Thus, any corrective price action rallies into this level are potentially good chances to sell, targeting 13150 and 13075 with tight stops above. Should it clear above this level, then we have the yearly highs at 13600 which certainly has sell orders parked there, while bulls can use this upside break to target this yearly resistance.
For those wanting to learn to trade price action, access to the traders forum, lifetime membership & more, visit my Price Action Course page here.
Upcoming Economic Announcements:
| CHF Swiss National Bank Rate Decision | 03.30EST |
| EUR ECB Publishes Monthly Report | 04.00EST |
| USD Advance Retail Sales | 08.30EST |
| USD Producer Price Index Ex Food & Energy (YoY) | 08.30EST |
| USD Business Inventories | 10.00EST |
| JPY Tankan Large Manufacturers Outlook | 18.50EST |
Check out my latest article which is a must read on Quality vs Quantity – Which Is Better For Trading
Along with a live price action trade I took on Gold today profiting +1207 pips.
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
