Hi Guys,
Here we go again.
Another attempt at trying to countertrend sell the Nasdaq.
This is a lower time frame idea only for a slight retrace into previous resistance or support where I can add long positions.
Ive actually opened a sell trade as I wont have time to be in front of the screens for a while.
The trend zone that the Nasdaq is currently in has been opportunity for short selling previously so as long as it continues to venture into there and doesn't break through I will continue to use it as a sell zone.
Confluence here with 1.618 retracement ( blue shaded box just above price) of the high to low from 24/1 to 31/1 and the 1 extension of its latest impulsive also lands just above the shaded area.
Also it is pretty extended from its 20 and 50 ma on the hourly chart which has seen pullbacks recently when that has occured.
Safe trading all.
Here we go again.
Another attempt at trying to countertrend sell the Nasdaq.
This is a lower time frame idea only for a slight retrace into previous resistance or support where I can add long positions.
Ive actually opened a sell trade as I wont have time to be in front of the screens for a while.
The trend zone that the Nasdaq is currently in has been opportunity for short selling previously so as long as it continues to venture into there and doesn't break through I will continue to use it as a sell zone.
Confluence here with 1.618 retracement ( blue shaded box just above price) of the high to low from 24/1 to 31/1 and the 1 extension of its latest impulsive also lands just above the shaded area.
Also it is pretty extended from its 20 and 50 ma on the hourly chart which has seen pullbacks recently when that has occured.
Safe trading all.