My name is Philip, I am a German swing-trader with 4+ years of trading experience and I only trade stocks, crypto, options and indices🖥️
I only focus on the higher timeframes because this allows me to massively capitalize on the major market swings and cycles without getting caught up in the short term noise. This is how you build real long term wealth!
In today's anaylsis I want to take a look at the bigger picture on Nasdaq.
For more than 10 years the Nasdaq has been trading in a quite obvious rising channel and just recently retested and already perfectly rejected the rising support trendline.
Since the Nasdaq is now retesting the parallel resistance trendline, I first do expect a short term drop to retest the $13.000 support level and then I think that we will see another rally.
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I know that this is a quite simple trading approach but over the past 4 years I've realized that simplicity and consistency are much more important than any trading strategy.
Keep the long term vision🫡
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New Update:
The Nasdaq is finally rejecting the upper resistance trendline as expected and my downside target is still the $12.800 support area which means a drop of another 2000 points.
Since this will just be a minor market correction I then do expect new all time highs after the retest of the $12.800 very strong support cluster.
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I know that this is a quite simple trading approach but over the past 4 years I've realized that simplicity and consistency are much more important than any trading strategy.