Hello Everybody.
Hope you all had a great day trading yesterday. A lot of you sent your results from yesterday and they were amazing. Using simple price action to take trades. Its easy as that.
Today will be interesting, Nasdaq has been in a consolidation phase all week after last weeks bullish run. Today we reach the lower channel line and price will either break here or push back up. Here are two scenarios that may happen:
For the Bulls: Price may break out down the channel, test the zone 12475 causing a fake breakout and then pushing back up to 12800 area. And if 12800 area get broken we can expect a good bullish run again taking prices to 13373 area.
For the Bears: if price break down the trend line and then breaks the area of support at 12475 then I can see price coming down to 12226 area and if broken there then back to the previous lows of 11691 zone.
Whichever side you are in, be prepared, have a plan, decide what type of trade you will take and execute to the plan then sit and watch it play the game!! You are in risk of losing all your money if you keep winning and then losing everything next day. Your losses should never be more than your wins.
Hope you all had a great day trading yesterday. A lot of you sent your results from yesterday and they were amazing. Using simple price action to take trades. Its easy as that.
Today will be interesting, Nasdaq has been in a consolidation phase all week after last weeks bullish run. Today we reach the lower channel line and price will either break here or push back up. Here are two scenarios that may happen:
For the Bulls: Price may break out down the channel, test the zone 12475 causing a fake breakout and then pushing back up to 12800 area. And if 12800 area get broken we can expect a good bullish run again taking prices to 13373 area.
For the Bears: if price break down the trend line and then breaks the area of support at 12475 then I can see price coming down to 12226 area and if broken there then back to the previous lows of 11691 zone.
Whichever side you are in, be prepared, have a plan, decide what type of trade you will take and execute to the plan then sit and watch it play the game!! You are in risk of losing all your money if you keep winning and then losing everything next day. Your losses should never be more than your wins.