The market pulled back to previous 3 day low and completed the range. I have put a box around the new range to watch. This is a normal market action - a development phase, finding a short term top, finding a short term bottom than consolidation within that range. Even though the daily bar looks bearish in reality there is no damage have been done to the bullish...
The recent balance, last rectangle on the chart, remains intact. The price is on the path to retest December POC and December high. These are objective targets based on the market action theory. Return into the previous balance would suggests some weakness. It remains to be seen how the price behaves if that return happens. So far the bullish bias is intact as...
Good Week Everyone!
Black Line=Uptrend
Green Lines =Targets for Upside
Red Lines =Targets for Downside
My Current opinion on the markets right now is a bear market,so ill take that red lines in mind!
Good Luck!
NQ1!
Here are several zones, levels, and projections of where I'm looking for price action to occur over the coming week(s). There is 'some' confirmation for me to believe that we just saw the bottom put in place (for now) with potential to reach new all time HIs.
Within each zone or level, am using other price action confirmations before entry (usually double...
With Nasdaq Futures seeing high volatility in a bearish trend, there are 2 levels that I like for a trade with the thesis that as long as we are below 7210, we are going to test the 6900 lows.
Trade Setup 1: I think a retest of the lows would be a successful and see at least a 100 point bounce.
Directional Bias: Long
Price Target: 7100
Good Entry:...
2The trade idea I posted last week, we never got the price target to set up a nice short. However, the trend was clearly down and there was no signal to long until the look below and fail on Thursday down in the 6900-6930 area.
Give the close we had Thursday/Friday, it looks like some buying algos showed up.
Weekends can change the complexion given our heightened...
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...
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.
Moving average 200 could not get break down in the last 4 days. It is a strong support. RSI and MACD too low. I believe Nasdaq should close green in monday and the following days.
Follow the red arrow, in a .618 down channel. Price should go up and touch the channel then continue down.
Also, RSI divergence confirms the down trend
As 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!
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.
