US Nas 100Long
NAS100 │ 2 -6 September 2024
- Daily timeframe [long term timeframe]
This is a complex structure, which may be a bit confusing to even advanced traders but consider the last break of structure and how we virtually had no pullback until 11 July and see why this is a bullish market structure with some complex internal structure. So we had a small pullback as anticipated into an imbalance but the question begs if this is enough to drive price back to the all-time high as in the case of US30? [Side note; the blue arrows delineate the overall demand zone]
• Bullish bias
- Four-hour timeframe [medium term timeframe]
A bullish break of four-hour structure could potentially lead to that daily continuation completion. In the meantime, internal structure is still bearish but I firmly believe swing structure comes out on top every time and this time it is bullish. The strategy requires a little patience though because the four-hour structure has to line up with the daily swing structure for PT trades.
• Bullish bias
- 15-minute timeframe [short term timeframe]
Now this is where it may become even more difficult for the average John Doe. The 15 minute high responsible for the last true break of structure may still hold a ton of supply and could potentially drive price lower. I would wait for a raid of those highs of a true break of structure on the 4H before considering any long positions.
• Bearish 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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