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Waiting For A Order Block Entry On Dow Jones (US30)
Hi Traders,
I am Waiting For A Order Block Entry On Dow Jones (US30) at 31017. I love that price has hit the lows of 30900 and then pushed strong to the upside closing with a bullish engulfing candle on the 4 hour time frame. Now that we can see the strong push, understand that price has moved with great force to create this candle and now I am waiting for a pullback.
Price has left an imbalance at 31017 which is where we can see the order block being created. Apart from this price action, If we look left, we will see that price has created a double bottom pattern formation and then went on to break the neckline which was created at 30170, It then retested it perfectly and pushed higher. We now see the Double bottom Pattern once again with recent price action and this can be used as a confluence for price to give us the continuation.
My target is at 31778 which is the previous high. Price may give us a bit of a struggle to break the most recent resistance which is at 31400. So be cautious of that.
All in all, I believe this is a great setup. Let us see how price plays out.
Renaldo Philander
I am Waiting For A Order Block Entry On Dow Jones (US30) at 31017. I love that price has hit the lows of 30900 and then pushed strong to the upside closing with a bullish engulfing candle on the 4 hour time frame. Now that we can see the strong push, understand that price has moved with great force to create this candle and now I am waiting for a pullback.
Price has left an imbalance at 31017 which is where we can see the order block being created. Apart from this price action, If we look left, we will see that price has created a double bottom pattern formation and then went on to break the neckline which was created at 30170, It then retested it perfectly and pushed higher. We now see the Double bottom Pattern once again with recent price action and this can be used as a confluence for price to give us the continuation.
My target is at 31778 which is the previous high. Price may give us a bit of a struggle to break the most recent resistance which is at 31400. So be cautious of that.
All in all, I believe this is a great setup. Let us see how price plays out.
Renaldo Philander
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