NASDAQ 100 TRADING IDEA
Updated
From a weekly and daily standpoint Nas100 is in a continuing uptrend - within n increasing channel.
Nasdaq fell over 2% on Monday post the NYSE open and rebounded fully before the close of business on Monday (11/01/22) .
As a result the daily candle closed back within the channel - forming a bullish hammer on the daily chart
Price closed at 15700 which is also a key zone - as price was rejected at that level to the left as resistance and later broke and found support at that same level (multiple times) .
The RSI shows oversold on the H4 which speaks to a retracement as Nas100 has been falling from the 28th December 2021.
Lower level short holders are expecting further downside however many are sold at the Monday low of 15200 - whom are now trapped.
As of now (11/01/22 at 09:23 am GMT+2 ) :
A inverted head & shoulders pattern is identified on the lower TF ( 1HM, 15 M , 5M ) Price is currently hovering around the Neckline of 15650.
Price is at the bottom of the rising channel. (room to fill in)
Price is at a key zone as mentioned above. (close above the zone as further support and continue up)
The daily candle close is indicating bullish continuation.
Trading Plan/ Execution :
BUY (LONG)
Trade to be entered at market execution between 15590-15640 (price is currently within that range )
or to be entered above 156650 (neckline) closer to the NYSE open.
Stop-loss to be placed 30 points below the left shoulder at 15490 .
Take profit points are as follows :
15700
15770
15850
15950 ( for swing / Hold remaining positions)
R:R 1:3 (LONG)
NAS100
NAS100
Nasdaq fell over 2% on Monday post the NYSE open and rebounded fully before the close of business on Monday (11/01/22) .
As a result the daily candle closed back within the channel - forming a bullish hammer on the daily chart
Price closed at 15700 which is also a key zone - as price was rejected at that level to the left as resistance and later broke and found support at that same level (multiple times) .
The RSI shows oversold on the H4 which speaks to a retracement as Nas100 has been falling from the 28th December 2021.
Lower level short holders are expecting further downside however many are sold at the Monday low of 15200 - whom are now trapped.
As of now (11/01/22 at 09:23 am GMT+2 ) :
A inverted head & shoulders pattern is identified on the lower TF ( 1HM, 15 M , 5M ) Price is currently hovering around the Neckline of 15650.
Price is at the bottom of the rising channel. (room to fill in)
Price is at a key zone as mentioned above. (close above the zone as further support and continue up)
The daily candle close is indicating bullish continuation.
Trading Plan/ Execution :
BUY (LONG)
Trade to be entered at market execution between 15590-15640 (price is currently within that range )
or to be entered above 156650 (neckline) closer to the NYSE open.
Stop-loss to be placed 30 points below the left shoulder at 15490 .
Take profit points are as follows :
15700
15770
15850
15950 ( for swing / Hold remaining positions)
R:R 1:3 (LONG)
NAS100NAS100Note
TP 1 HIT :)NECKLINE BREACHED
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