JICPT| NQ rising wedge pattern with fresh high selling pressure!
Hello everyone. Nasdaq has been recovered from the sell-off days ago when it broke the 4H solid structure(long-term MA)
Now, it formed a uprising wedge channel with the fresh recork high just a little space above. I expected some investors will take profit around that level. I don't know If the selling orders will outnumber buy ones and push the price down. Actually nobody knows. In my head, there're two possible scenarios which we can play:
1. Price halt above the fresh high with small candles formed, indicating buyers and sellers achieve balance status. The leg-out candle might a strong pulse to the upside. Don't rush to long, wait for the pullback.
2. Sellers are too strong to push the price down. Look for the nearest control low zone and wedge pattern, because the breakout suggests the rebound is terminated. intra-day bullish traders should getter out and look for short setup on smaller timeframes, e.g. 15m.
That's a very rough trading plan in my head. Let's see how it works.
Short sellers should be careful. On the daily timeframe, Nasdaq is in strong bullish trend. There is no sign of bearish at this timeframe or above ones. So, the short order should be well managed, say trail your stops.
Give me a like if you think it's useful.
Now, it formed a uprising wedge channel with the fresh recork high just a little space above. I expected some investors will take profit around that level. I don't know If the selling orders will outnumber buy ones and push the price down. Actually nobody knows. In my head, there're two possible scenarios which we can play:
1. Price halt above the fresh high with small candles formed, indicating buyers and sellers achieve balance status. The leg-out candle might a strong pulse to the upside. Don't rush to long, wait for the pullback.
2. Sellers are too strong to push the price down. Look for the nearest control low zone and wedge pattern, because the breakout suggests the rebound is terminated. intra-day bullish traders should getter out and look for short setup on smaller timeframes, e.g. 15m.
That's a very rough trading plan in my head. Let's see how it works.
Short sellers should be careful. On the daily timeframe, Nasdaq is in strong bullish trend. There is no sign of bearish at this timeframe or above ones. So, the short order should be well managed, say trail your stops.
Give me a like if you think it's useful.
Yorum:
NQ pulled back from fresh record high and created a new high in the Asian and early Europe session.
Yorum:
Price kissed the lower boundary of the wedge and bounced back.
Yorum:
Yep. Even with a not-so-strong leg-out candle, price created new high after pullback. The trend line helped for spotting the entry.
Yorum:
Price closed at almost all-time high. The momentum would push the price to go even higher.
plan your trade and trade your plan
