Looking for Clues on the Nas100 Index (a short-term outlook)
Uncertainty looms as the Nas100 Index currently hovers in unchartered areas of historic highs. We scale down to the lower 15m TF to get a hint of where price could possibly head next.
We personally do not intend to take any long trades until there is a significant retracement into one of the areas of interest on a higher TF as we expect choppy price action due to the uncertainty both buyers and sellers now seem to have concerning market direction.
Price did a major reaction to news on the 15m TF, soaking up areas of internal liquidity to the downside but still did not take out a significant levels of sellside liquidity. Price however, respected initially bearish orderflow and just now tapped back into the orderblock in the 18,750 price region. Due to this, we expect short-term bearish activity over the next few hours that could possibly lead to the downside retracement needed for good market entry in the coming days.
(update) more reactions and volatility on the low TF as price action now violated the previously respected bearish orderflow. We continue to enjoy our view from our seats at ringside while buyers and sellers battle it out in the quest for supremacy.
We personally do not intend to take any long trades until there is a significant retracement into one of the areas of interest on a higher TF as we expect choppy price action due to the uncertainty both buyers and sellers now seem to have concerning market direction.
Price did a major reaction to news on the 15m TF, soaking up areas of internal liquidity to the downside but still did not take out a significant levels of sellside liquidity. Price however, respected initially bearish orderflow and just now tapped back into the orderblock in the 18,750 price region. Due to this, we expect short-term bearish activity over the next few hours that could possibly lead to the downside retracement needed for good market entry in the coming days.
(update) more reactions and volatility on the low TF as price action now violated the previously respected bearish orderflow. We continue to enjoy our view from our seats at ringside while buyers and sellers battle it out in the quest for supremacy.