Dow Jones Buy Breakout 4 Hour Setup

I just went Long using the 4 hour after the bear pin hammer's body was closed above by the next 4 hour bar, followed by this current 4 hour bar that is creeping higher.

My target is the Buy to sell red line at the top of this Bear Flag. I believe prices will continue higher in the short term. I am looking for 400 ticks.

My entry is 39,874

Stop is 39,794 80 ticks

Target is 40,274 400 ticks

I believe it shall take the rest of the month to get up there. Then the start of the new month I don't know.

Note

4 Hour Zoomed out
Buy to sell resistance zone

Weekly Bullflag target resistance zone

Trade closed: stop reached

Stopped out with an 80 tick loss. I am perfectly happy with these results. I was expecting a short pause before another continuation and it did not happen. Why do I care about small losses when my winners are 400-700 ticks? On to the next trade.

What I did learn about this trade was a lot.

I learned that the two wicks on that fat engulfing bars were buy orders and were points of mitigation that yesterday formed that wick candle. I bought right into a sell supply zone. This loss has given me more information to refine my game

I am still bullish up until 40,275 and will be looking for another buy setup soon. I will make another post when I see one forming

Dow_Jones_Maestro

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Dow_Jones_Maestro