DOW JONES INDEX│ US30 │ 19 – 23 August 2024
- Daily timeframe [long term timeframe]
From the last analysis, we have established that the daily timeframe swing structure is bullish and bore fruits this past week. Price is sitting in an internal supply zone; this may lead to a temporary pause, which will allow us to add to our positions.
• Bullish bias
- Four-hour timeframe [medium term timeframe]
Swing structure here is still bearish and we are sitting in a supply zone as well so both our higher timeframes may be facing some resistance.
• Bearish bias
- 15-minute timeframe [short term timeframe]
Swing structure is bullish, internal structure is bullish. Although we are sitting supply on both higher timeframes there is no greenlight for short positions. We will look for long positions until this timeframe switches bearish to facilitate a pullback on the higher timeframes.
• Bullish bias
How do I come to a bias conclusion?
I look at the swing structure; if it is bearish, I conclude a bearish bias [vice versa]
©Austin Palmer for FONOS Fx, 2024.
From the last analysis, we have established that the daily timeframe swing structure is bullish and bore fruits this past week. Price is sitting in an internal supply zone; this may lead to a temporary pause, which will allow us to add to our positions.
• Bullish bias
- Four-hour timeframe [medium term timeframe]
Swing structure here is still bearish and we are sitting in a supply zone as well so both our higher timeframes may be facing some resistance.
• Bearish bias
- 15-minute timeframe [short term timeframe]
Swing structure is bullish, internal structure is bullish. Although we are sitting supply on both higher timeframes there is no greenlight for short positions. We will look for long positions until this timeframe switches bearish to facilitate a pullback on the higher timeframes.
• Bullish bias
How do I come to a bias conclusion?
I look at the swing structure; if it is bearish, I conclude a bearish bias [vice versa]
©Austin Palmer for FONOS Fx, 2024.
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