Hi guys,
I dont look to short the US Indices as of late as they are in strong bullish momentum but every now and then an pportunity for a safe short comes along in order to use the profit to open long positions at the first opportunity.
Nasdaq 100 has just made a false breakout of the channel it is trading in and lower time frame has bearish look about it.
The channel point is exactly in line with the 1.13 extension from the bear market high to the bottom. Historically the 1.13 extension is a good spot to look for intraday shorts after a new high is created from a big base as lots of traders are eyeing it for a trade or to take profits if they are long coming out of the base.
Dow is also at 1.13 of its high to low of the bear market.
A move back into the channel and either a double top or head and shoulder or some kind of candlestick pattern would make a good risk to reward trade.
I dont look to short the US Indices as of late as they are in strong bullish momentum but every now and then an pportunity for a safe short comes along in order to use the profit to open long positions at the first opportunity.
Nasdaq 100 has just made a false breakout of the channel it is trading in and lower time frame has bearish look about it.
The channel point is exactly in line with the 1.13 extension from the bear market high to the bottom. Historically the 1.13 extension is a good spot to look for intraday shorts after a new high is created from a big base as lots of traders are eyeing it for a trade or to take profits if they are long coming out of the base.
Dow is also at 1.13 of its high to low of the bear market.
A move back into the channel and either a double top or head and shoulder or some kind of candlestick pattern would make a good risk to reward trade.