The NQ one hour time frame is in an up trend. The market is making higher highs and higher lows. The market is in the buy zone and has an up Fibonacci with an extension price point 14924.25 about +805 ticks above the market. The market just hit the old Fibonacci extension and I am expecting the market to pull back bearish to a low price near a known level of U-turn.
Entry: Counter trend line break bullish in the buy zone near a known level of U-turn.
STOP: 13687.50
LIMIT: 14294.25
As long as the market stays in the buy zone. It will be a good idea to turn to the five minute time frame and to look for tunnel trader long / destination trader long opportunities. If a person wants to lower their draw down, it is a good idea to wait for the one hour time frame to give a low price in the buy zone before looking to buy off the five minute time frame.
What would be a known U turn level; would that be the bottom trend line where it is hovering now?
stevek1957
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Just wondering if this is a typo but in the narrative you have the limit as 14924.25 but in the Entry information you have the limit at 14294.25. On the chart it is 14294.25
JoshuaMartinez
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@stevek1957, Hello, It is s typo. The target is 14294.25. I am unable to edit after posting the idea. Hope you have a great day!
tigershow4158
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Thank you Josh
Tradersweekly
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I do not know. After last FOMC market seems to be spooked a bit. What do you think? Is this just temporary?