Target hit. New Higher Low made. New long.TP = 7,640 hit as the 1D Channel Up (RSI = 50.527, MACD = 11.240) advanced towards a new High at 7,700. It has since pulled back to make a Higher Low and we think that this has been priced at 7,400. We are going long again aiming at the next potential Higher High. TP = 7,828.50. When 7,640 is crossed again, we will place the SL there to ensure the safety of a big portion of the profits.
Nq100
1D Channel Up. Long.Nasdaq is on a simple 1D Channel Up (RSI = 63.030) halfway from completing a very aggressive Higher High candle sequence (MACD = 87.610, Highs/Lows = 108.2500, B/BP = 183.1400). As seen on the chart it posts recurring patterns that can help us calculate the next High, which should be around 7,700. Our long's TP = 7,640.
NQ Trade updateAs we creep closer to our second target we are pulling stops to Break Even plus 10 to lock the trade in. We are fairly confident we will see target number 2 early in the session today. Regardless, we want to manage the trade properly. Yo never know when the PPT will swoop in to save the market. ;) Trade well!
Nasdaq flag? The $NQ chewed up support which made it non existent over the last couple of days. The $NQ could be starting to develop a bear flag. We will watch this closely. We are short term bullish but long term bearish for now. The swings are wide. If you "must" trade, reduce your size and focus on one maybe two markets.