NQ has found itself in a down trending channel as of lately...
while we were able to enjoy a nice green day yesterday, taking a step back and looking at this 4hr chart (1D too) we can clearly see the downtrend as well how that Green Day made sense within the bigger picture... Currently we are flagging right above that thicker solid black line.
Bullish View - if you are looking for higher prices in the market then we want NQ to hold this line. currently it looks to be flagging a bit IMO which is good...BUT we still haven't crossed any point yet that would deem this to be any kind of reversal (nor have we had a chance to hold this line through an actual trading day).
*we actually did hit a bit of a double bottom on that thicker green line...although I still wouldn't consider that alone as verification to a trend reversal..it's nice that we broke above that black trend line...holding and pushing here is the goal.
Bearish View - If you're ready to make more money shorting the market then you want this black line (and upper trend line) to prove as a strong resistance once again so that we can retest the thick lower green line as NQ looks for a bottom at that point.
What do you think?
Do we have lower or higher coming up in the near term?
what events are you looking for that could propel the market down/up?
while we were able to enjoy a nice green day yesterday, taking a step back and looking at this 4hr chart (1D too) we can clearly see the downtrend as well how that Green Day made sense within the bigger picture... Currently we are flagging right above that thicker solid black line.
Bullish View - if you are looking for higher prices in the market then we want NQ to hold this line. currently it looks to be flagging a bit IMO which is good...BUT we still haven't crossed any point yet that would deem this to be any kind of reversal (nor have we had a chance to hold this line through an actual trading day).
*we actually did hit a bit of a double bottom on that thicker green line...although I still wouldn't consider that alone as verification to a trend reversal..it's nice that we broke above that black trend line...holding and pushing here is the goal.
Bearish View - If you're ready to make more money shorting the market then you want this black line (and upper trend line) to prove as a strong resistance once again so that we can retest the thick lower green line as NQ looks for a bottom at that point.
What do you think?
Do we have lower or higher coming up in the near term?
what events are you looking for that could propel the market down/up?
Trade closed: target reached