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Underlying:NAS100 Time frame:1D
What Has Happened So Far: I wanted to post an important update onto this trade. Over the last few weeks we have been looking at the NASDAQ trading higher each day. We noticed that there was a narrowing range and at some point it would have to break out. We also noticed that the MACD was acting the exact same and NOW it has also broken out!!
What am I Looking to Happen: Now that the MACD has also broken out of the narrowing wedge I am looking for price to fall.. I have posted about the markets falling many times. I feel this will be some kind of "head fake" and it will break down. Keep in mind how much the stock market has rallied over the last 12-24 months without a healthy correction. This kind of rally is NOT healthy!
Target Profit:5638 (long term) Stop Loss:6175
If you like this idea leave a like and follow me to get all of my updates :) I would love to talk to you so send me a message or comment!
Don't you think the Nasdaq is building another base to make another Leg Up? (As it did several times)...
SocialTrading
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@giloc, it is another way to look at it, however I do not believe so. I cannot remember the exact figure but it was over 280 trading days since the last "correction". That is quite worrying in the grand scheme of things.
giloc
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@SocialTrading, I agree...the last correction was a long time ago...never seen something like that...I add that the market is very very calm...any geopolitical issue is not considered...the problem is the high level of liquidity...this is the only thing that is pushing up the market...that's why the last correction was so long ago... Very difficult to trade in this situation...
SocialTrading
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@giloc, I am sorry but your comment on high levels of liquidity being the reason the market is going up is incorrect. There is no liquidity in the market. If you look at trading volumes as of late, you will see they are actually increidibly low.
giloc
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@SocialTrading, Are you sure? Actually I see the same Trading Volume in the Nasdaq:
SocialTrading
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@giloc, look at major trading volume instruments like SPY and zoom out :)
giloc
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@SocialTrading, Ok, thanks...I see the last 3 day the volume decreased...anyway the last 3 days....before it was normal so...there is no Liquidity Issue...Liquidity is still a lot I Guess...