Nasdaq (QQQ) is currently testing the bottom of the ascending channel. For now, it's still bullish until it takes out the circled low. Until then, it may break below the channel and make a double bottom or wick below and then go up. It's important to keep an open mind to all possibilities.
You can short the break of the channel by either shorting as soon as it breaks (if it breaks) or by shorting on the retest of the bottom of the channel. You could also long the bottom of the channel in hopes that it doesn't break with a 2nd long somewhere around the circle low if you'd like to bet on a double bottom.
This is a great risk:reward area with great trades for bulls and bears alike.
You can short the break of the channel by either shorting as soon as it breaks (if it breaks) or by shorting on the retest of the bottom of the channel. You could also long the bottom of the channel in hopes that it doesn't break with a 2nd long somewhere around the circle low if you'd like to bet on a double bottom.
This is a great risk:reward area with great trades for bulls and bears alike.
My goal is to find the best risk:reward setups. For instance, if you risk $1,000 at a chance to make $5,000, you can afford to be wrong 4 out of 5 times and still not lose money. I hit my targets over 50% of the time.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
My goal is to find the best risk:reward setups. For instance, if you risk $1,000 at a chance to make $5,000, you can afford to be wrong 4 out of 5 times and still not lose money. I hit my targets over 50% of the time.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.