Donchian Channel Buy
Parabolic SAR Buy
On the 4-hour timeframe DJI: H4 has risen above 200-period moving average MA(200), which is rising. We believe the bullish momentum will continue after the price breaches above the upper boundary of Donchian channel at 29523.1. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 29285.1. After placing the order, the stop loss is to be moved every day to the next fractal low, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level (29285.1) without reaching the order (29523.1), we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Manufacturing sector in US resumed growing in January. Will the DJI stock index continue rebounding?