sumastardon
Long

Rollercoaster day puts Nasdaq back at buy levels

FX:NAS100   NASDAQ 100 Index
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Nasdaq back on support at 5407 and a buy around these levels with a stop at 5397 for a low risk potentially high reward trade. 10 points downside and 70 upside.
Trade active: I never covered any real downside on the Nasdaq in the event that the long call goes pear-shaped. If this happens (and shit does definitely happen sometimes so it's better to be prepared for it if it does and deal with it coldly, technically, not emotionally) and so if this index breaks below the stop at 5397 it's time to abandon all hope of salvation at these levels; time to get short again without delay for a fall back to 5360 (close out shorts here). And then if this level ends up giving way it's another short back to 5334 at least, if not to 5316.
All this seems unlikely right now. But that doesn't mean it's not going to happen.
Time - and the charts - will tell. Either way we have a plan.
Remember to use the 1 minute chart if we get into a fast market again and look for support lines running under the lows of upwaves and vice versa in down-waves and if you can spot the line and it fits naturally, without forcing it, you can usually trust it as a reliable early exit sign.
Wishing good luck with stops and emotionless, machine-like trading to all readers.
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