US30 another day hopefully another easy win today bands baby bandsCommunity discussions
US30 another day hopefully another easy win today bands baby bands
US30 Trump just announced that the new chair of the US central bank supports cutting interest rates ‘I’ll soon announce our next chairman of the Federal Reserve, someone who believes in lower interest rates by a lot.’ 🚀
US30 I wonder if our Guru made that "easy 20 bands on longs" he mentioned earlier..... things that make you go "hmm"
US30 Tricky Candle Move: After the bearish Spinning Top had breached the Swing Low of 47,906 to reinforce the Hourly's Bearish (directional) Market Bias, I had expected an immediate and continued drop down. Instead,a bullish Hammer (highlighted in blue) showed up to "clear" past the low of the Anchor Bar (at 47,969). The only thing in the way from dropping down after that was the S&R Zone. Doesn't make sense, but very interesting!
Price action is currently in a market pause with no clear direction from being in an Inside Day pattern. Breakout can either be from the pattern's low of 47,861 or high of 48,035 (shown as two orange lines).
Let's see if the bulls will rise up from the S&R Zone to do a bullish retrace towards 48,073 OR the bears drop down past the Zone to continue the descent - conservatively to 47,876 or more towards 47,795.
US30 If the bears breach the Swing Low of 47,906 with a candle close past that price, they will head for the S&R Zone below that, which begins at 47,866. The Bearish (directional) Market Bias would also be reinforced.Based on the Daily, the bears can go towards 47,759, the Daily's current mean reversion price.
But if no breach of the Swing Low of 47,761, then back up again.
US30 more downside to comeUS30 For those who were prepared earlier, I had called out that we'll see 2 BIGLY moves, one from the Quadruple Inside Day (from yesterday) and the Double Inside Day (before today's New York session started). So, good on you if you knew what was coming from those two patterns: the bullish thrust of 129 ticks (with candles highlighted in purple), followed by the tall bearish candle (highlighted in yellow) of 403 ticks that may be part of a continued bearish move.
*Side Note: The previous, very tall bearish candle (highlighted in yellow) is the new Anchor Bar that's another Climatic move. You can see that it formed on very high volume, so we can potentially get consolidation until a breakout and "clearing" from either the Anchor Bar's high/low.
US30 Switching to the 4-Hour chart, notice how price action likes to go from the S&R Zone above (at the top of the chart), then to the next floor down with a Zone in the middle. The bears may attempt a further drop towards the S&R Zone below. That's what I mean by continuity of movement from one Zone level to another in how price action moves.If the bears breach the Inside Day's low of 47,906 to do a true (and not a false) breakout, then more moves to the downside towards the S&R Zone below that starts at 47,563. But if that doesn't happen, then back up again towards the high of the Inside Day at 48,380 for a breakout.
US30 For continuity of movement, price action likes to move from one S&R Zone to another Zone as you can see on the chart below.Take a good look at the last 5 candles. They are all just moving in tight and wide consolidation along the S&R Zone. That should tell you that the bulls did not rise above to "clear" from the Zone to use it as support and the bears did not drop below to "clear" from the Zone to use it as resistance. So, don't be fooled. There is NO Breakout from this S&R Zone yet.
The Hourly remains in Neutral (directional) Market Bias from the tall bearish candle still tethered to the Bearish Trendline (in red dotted line).
US30 Everyone's a critic lol.