Attention traders! After successfully bagging a 1:8 risk reward ratio on the recent rally on S&P 500. There is an exciting Nasdaq setup on the 4-hour timeframe that demands your attention. Here's the breakdown:
📌 Technical Analysis Highlights 📌 🐻 Bearish Gartley Pattern: The Nasdaq chart reveals a bearish Gartley pattern, hinting at a potential trend reversal.
🕯️ Bearish Engulfing Candlestick: Point D of the pattern confirms the reversal, marked by a formidable bearish engulfing candlestick. This indicates that sellers have taken the reins, overpowering buyer sentiment.
📈 Momentum Shift: The price is currently gaining momentum, positioned just below the moving averages, and a crossover seems imminent. This adds weight to the bearish scenario.
📉 Trade Strategy 📉 With these compelling technical signals, it's time to consider a short position on the Nasdaq. Initiate your short trade around 15,420 with a strategically placed stop loss above the recent high, approximately at 15,540, to manage risk effectively.
🎯 Take Profit Targets 🎯 1️⃣ First Target: 15,230 2️⃣ Second Target: 15,000 3️⃣ Ultimate Target: 14,700
Remember, trading carries inherent risks, and prudent risk management is paramount. Perform thorough research and stay updated on market conditions. Best of luck with your trades, and may they yield substantial profits! 💰📉📈
Feel free to share your toughts in the comments section, follow me for updates and don't forget to press the like button if this insight was helpful 🌊🚀
Trade active
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there is even more confirmation in the 1H timeframe with a Head and Shoulders pattern
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TP1 reached
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TP2 REACHED
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Psalm 23
1 The Lord is my shepherd, I lack nothing. 2 He makes me lie down in green pastures, he leads me beside quiet waters, 3 he refreshes my soul. He guides me along the right paths for his name’s sake. 4 Even though I walk through the darkest valley,[a] I will fear no evil, for you are with me; your rod and your staff, they comfort me.
Trade closed: target reached
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the price may keep falling but be sure to take some profit again. let the rest drop
Thank you for sharing this analysis and trade setup for Nasdaq. Your breakdown of the technical factors, including the bearish Gartley pattern, bearish engulfing candlestick, and momentum shift, provides valuable insights for traders considering short positions on Nasdaq.
itchyglitch
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Well done, awesome analysis and great call! All 3 TP's hit
AMIT-RAJAN
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Great work mate ! thanks for post
TMFJohnson
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You nailed this one early! Good Job!
Pastig
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and now how to proceed, what do you see?
stephensenu
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Thomas you called this.. another good call my man.. thumbs up
esoterico
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looks good 👍 but perhaps due to next week opex expiry and fed story further next week they don't seem to be ready to sell. let's hope the selling starts but as you see each dip is bought massively.
Hellena_Trade
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I look forward to your posts, they're always enlightening! 🤓📚