Last week, US30 was technically and fundamentally driven to the downside. What I wanted to discuss here is the simple concept of a trendline. Now a lot of new traders learn to trade the brake and retest a trendline. Depending on whether they know how to trade it and read the price action correctly is the determinant. What can save you from this type of loss is understanding that even though a trendline is broken, it does not necessarily the trend is broken. What is more important than the trend line is the market structure! If price does not break the previous high or low, then is a high chance for a trader's position to be liquidated by the market. This was the exact case for US30 at the end of last week. Currently, we are presented with 2 strong bullish candles with a decent range. The probability for price action to fully retrace last week's move is pretty high. This week I will be analyzing this in addition to the dollar index and the US 10Y, and hopefully, a great setup come out of it. Key level target has also been noted. :-)
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Key Level Target Reached
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This analysis is complete