algocap
Long

Long Nasdaq100 (Closed on Durable Goods announcement @ 4546)

FX:NAS100   NASDAQ 100 index of US listed shares
Entry 4548
T/P 4596
S/L 4530

*Result*: As initially stated if* bad durable goods figures = exit. I exited this position at profit at around 4452.
As a result of poor durable goods, this switched to a short.

Technical: As we all know on Nasdaq's market open, the Nasdaq100 makes a volatile move as traders move in to take positions on overnight or pre-session news. My strategy is typically to trade this volatility within the first 2 hours of open. Technically we've seen growing buying pressure in the Nasdaq, and it seems likely the monthly R1 at 4596 will be hit, with the Monthly pivot quite a far way down. We are also seeng strong support at the 4535 - 4540 area, with bounced wicks, thus the S/L is placed just below this area.

Fundamental: When EU representatives met last evening, there was growing optimism that a deal with Greece would be struck. As such the Dax             rose on open, more than 1%. Despite this, the Nasdaq has not yet followed this jump, which should affect it too. On open at 09.30 and subject to durable goods announcements at 08.30, and home sales at 10.00, this long position will be maintained. Despite greek optimism however, at a grass roots level, there have been protests today about concessions made in the deal. This has strangely not been factored into the DAX             . Markets seem not to care. I expect it is understood by markets that Greek protests seem to have little effect on if the politicians accept a deal or not. This government however seems to be different. Therefore we must proceed with caution today. However the timeline of any new decisions on Greece will last a week. Therefore it is unlikely to affect today's trading.

Exit conditions in likely chronological order:
S/L at 4429 hit
or Bad durable goods figures (08.30)
or Bad home sales figures (10.00)
T/P at 4496
or Bad greek situation (will be deciphered by price volatility)
On the day's market close
alleytrader
a year ago
Looks to be a responsible approach and has good risk reward set up. And will play into the consolidation break out
Reply
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