Nas100 is currently in a major supply zone and tapped into a 4h order block with a 1h order block little higher. Could see a possblie retracement from these levels to the previous breakout zone. 100 points/ 1000 pips Stop loss range for a 300 points/ 3000 pips profit target.
Drawing out our analysis from a daily time frame we can see the dollar index still in a clear rising uptrend channel. What we currently experiencing could be seen as a correction move after the steep bull move. If price respects the channel the dollar index could potentially see some bull rally soon. However, if it breaks the channel,then only my bias would change.
After the big bull move of nas100 yesterday, we found some resistance and price is failing to go higher. We can see that its breaking smaller support levels and creating lower highs while creating lower lows as well. This is a possible reversal and swing trade developing.
We can see a break of the mornings rising channel, and a head and shoulder pattern forming on the 15m and 30m timeframe. Could potentially see a swing to the downside which acts as a retracement of the bigger upward move. Risk Reward 500 Pips stop loss for a potential 1500 Pips take profit and or 2500 Pips take profit. Should the whole trading plan play out, you...