Entered a buy position on NAS100 after price retraced to the 0.618 Fibonacci level, which also aligns perfectly with the ascending trendline support. This area has acted as a strong confluence zone, showing signs of a potential higher low (HL) formation on the 4H chart.
✅ Confluences supporting the trade:
Price bounced from the 0.618 Fib retracement.
Respecting the trendline support indicating bullish structure continuation.
Formation of Higher Low on both the 4H timeframe and also clearly visible on Daily and Weekly charts, indicating strong bullish momentum from a higher timeframe perspective.
RSI is near the oversold zone (~30), showing signs of a potential bullish reversal.
🎯 Targets:
First TP around the 18,863 zone (previous resistance area).
Final TP in the region of 19,161–19,250, aligning with the 200 EMA and psychological resistance levels.
🛡️ Stop Loss: Placed below the trendline and previous swing low for protection in case of invalidation.
✅ Confluences supporting the trade:
Price bounced from the 0.618 Fib retracement.
Respecting the trendline support indicating bullish structure continuation.
Formation of Higher Low on both the 4H timeframe and also clearly visible on Daily and Weekly charts, indicating strong bullish momentum from a higher timeframe perspective.
RSI is near the oversold zone (~30), showing signs of a potential bullish reversal.
🎯 Targets:
First TP around the 18,863 zone (previous resistance area).
Final TP in the region of 19,161–19,250, aligning with the 200 EMA and psychological resistance levels.
🛡️ Stop Loss: Placed below the trendline and previous swing low for protection in case of invalidation.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.