HELLO GUYS,HOW YOU DOIN? nasdaq has been fluctuating between 15600-16700 for weeks and it seems that we are again touching the bottom .the price is on the daily 100 MA and 0.50 FIBO.indicators like rsi and stoch are in oversold area and macd is about to make a golden cross.chart pattern is more likely to act as a flag pattern. if the price breaks the support we should consider the fibo levels as supports.on the other hand, higher fibo levels would be the resistence . don't forget to assume stop loss and saving the profit each level. wish you all the best and god ,it's great to come back!
@Sobhan_23, A descending channel has formed on the daily TF, we are also making an H&S reversal pattern on the weekly TF.... You buy the dip and I'll sell the rally mate
ferhody
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@Forbsy I don’t think you understand what a bull trap is …
Forbsy
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@ferhody, whatever mate, how's your long trade looking? you fibbed the 'rally' this refers to: A bull trap is a false signal, referring to a declining trend in a stock, index, or other security that reverses after a convincing rally and breaks a prior support level. The move "traps" traders or investors that acted on the buy signal and generates losses on resulting long positions.
ferhody
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@Forbsy, I didn’t go long lol. Just tryna help you bud
Forbsy
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@ferhody, you posted a trade idea saying long mate... i'm doing fine but thanks for your help
ferhody
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@Forbsy, Whoops I didn't see your full comment. I think you're mixing 'Bull trap' with 'trapped bulls' lol. Those are two different things. If a support doesn't hold, that means there are trapped bulls forced to sell. If we broke a resistance but then reverse, It's a bull trap. And I didn't post the trade idea, I just commented on your post.
Forbsy
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@ferhody, yeah i probably did mix that up, it's all just jargon anyway - price direction is the only thing that matters :) Sorry i didn't realise it wasn't your trade posting.