Dow Jones May See Some Profit Taking Ahead of US Jobs Report
by
DailyFX News
Talking Points -Dow Jones hit the target low of 16,780 yesterday -The subsequent bounce higher appears corrective, look for ...
Talking Points
-Dow Jones hit the target low of 16,780 yesterday
-The subsequent bounce higher appears corrective, look for another dip to 16,780 or lower
-Event risk on Friday morning via the US Non-Farm Payrolls report likely creates volatility tomorrow
Dow Jones Industrial Average hit a low yesterday of 16,763. We highlighted yesterday that the price behavior around 16,780 would help provide clarity to the maturity of the uptrend. Prices subsequently bounced hard higher which leaves the door open for even higher prices down the road.
However, shorter term the US30, a CFD which tracks the Dow Jones Industrial Average, sits on an inflection point to where the higher probability move is back towards 16,780. Therefore, an intraday trader could consider shorting using the overnight highs as risk.
Dow Jones (ticker: US30) Prices May Push Back towards 16,780
We’ve studied the behavior of traders and found this one little tweak on risk to reward ratios increased the pool of traders who were profitable from 17% to 53%. Learn more about that tweak in pages 7-9 of the Traits of Successful Traders Guide. Keep that tweak in mind as you assess the US30 (residents outside of the United States can trade this CFD through FXCM.)
Tomorrow morning, the US non-farm payroll report will be released so anticipate some volatility in the morning. As a result, if we are fortunate enough to take profits at 16,780, then we’ll call it a day. Otherwise, I do want to be flat at the end of today regardless of the trade’s P/L. The risk to reward isn't there to withstand the whipsaws of the NFP release tomorrow.
-The subsequent bounce higher appears corrective, look for another dip to 16,780 or lower
-Event risk on Friday morning via the US Non-Farm Payrolls report likely creates volatility tomorrow
Dow Jones Industrial Average hit a low yesterday of 16,763. We highlighted yesterday that the price behavior around 16,780 would help provide clarity to the maturity of the uptrend. Prices subsequently bounced hard higher which leaves the door open for even higher prices down the road.
However, shorter term the US30, a CFD which tracks the Dow Jones Industrial Average, sits on an inflection point to where the higher probability move is back towards 16,780. Therefore, an intraday trader could consider shorting using the overnight highs as risk.
Dow Jones (ticker: US30) Prices May Push Back towards 16,780
We’ve studied the behavior of traders and found this one little tweak on risk to reward ratios increased the pool of traders who were profitable from 17% to 53%. Learn more about that tweak in pages 7-9 of the Traits of Successful Traders Guide. Keep that tweak in mind as you assess the US30 (residents outside of the United States can trade this CFD through FXCM.)
Tomorrow morning, the US non-farm payroll report will be released so anticipate some volatility in the morning. As a result, if we are fortunate enough to take profits at 16,780, then we’ll call it a day. Otherwise, I do want to be flat at the end of today regardless of the trade’s P/L. The risk to reward isn't there to withstand the whipsaws of the NFP release tomorrow.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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