Dow Jones Short Trade Idea 8:1 1000 tick Opportunity
I am currently short Dow Jones aiming for a home run trade that I have been waiting to set up for days now.
My thesis:
Rising wedge into the 80% pullback of the Daily Doji bar
Mean Reversion around March FOMC of 41,155
Break of the support zone of 42,000
If today will be the day it engulfs then I will probably hold all day short
If I am wrong, then price will find support somewhere and bounce, stopping me out. I am willing to try for this idea.
My thesis:
Rising wedge into the 80% pullback of the Daily Doji bar
Mean Reversion around March FOMC of 41,155
Break of the support zone of 42,000
If today will be the day it engulfs then I will probably hold all day short
If I am wrong, then price will find support somewhere and bounce, stopping me out. I am willing to try for this idea.
Trade active
I am short 42,575 using a 125 tick stop placed above the 80% pullback retracement level of the daily doji. There have been THREE inside bars, INSIDE that Doji. I have mentioned 1000 tick target, this will likely take a couple of days. I have reduced my target to 700 ticks or 1.75% down. This is something that is achievable within one day if it trends hard. Like always, I close all trades at the end of NY 4pm. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.