Examining the low of last Friday we are now at 16 HL's on the M15 (Which includes the virtual low from 8:30 am yesterday which has yet to be covered).
Please note that I am only using the M15 to show the micro moves in the market...All my analysis is done on the larger timeframes...ALWAYS!
This means that the market is still in the process to create the next HL on the largest timeframe.
So for those of you who took your profits on the HH (ATH) yesterday and are looking to get back in the market for buys...be patient...it is not your time as yet...There is still some unfinished business below 23,815.5.
For those of you who are selling, please monitor your fib retracement points closely so you do not get trapped as the market consolidates while it retraces to make that needed HL.
This is the reason why I advise against selling a bullish market most of the times as the consolidation that occurs with retracements, combined with volatility is not for the faint of heart...and so it is always easier, safer and always #guaranteed to wait for your largest HL.
There is no better feeling that having collected your profits and waiting for your next buy setup while others try to figure out if their sells will continue to be in profit and risk the ultimate turnaround to get back to the HL to HH trend.
Happy trading guys...
Enjoy the current retracement.
H1 currently at a HL, however remember not all HL's are created equal...
Always zoom out and monitor your larger timeframes.
USTEC hi guys, The last 30 minutes candle closed at 23971.25 so it went back to the consildation zone (did not close below 23967) Normally if that happens, that could increase the odds of going to the high of the consolidation zone and probably later to break through to the upside but not necessary to happen. We are in the consolidation as long the conditions I sat, are not still met. May be I am wrong. But so far I see logic in what I say as we saw the 30 minutes candle retraced fast to close inside the zone.
USTEC hi guys, Thanks to the pre market (Asia session) hours, which could gave a clue for the next move. I saw a consolidation for few hours which represents an accumulation area between 24015 and 23970 (luckily is not a big range zone) 45 till 50 points if we extended it till 24020
They could win time to get ready for a strong exclusive wave. Any 30 minutes candle will close under 23967 that will send us to 23800/23810 But any push to the upside (must be with strong momentum) to the upside and 1h candle closes above 24020 then to pull back and must settle on 24020 or 24015 then to the upside, that will send us to my TP2 at 24160 That is what I will personally do and believe in strongly. And those few last hours made the decision so easy really as explained.
NAS100USDtradingview.com/x/d07rvcqB/ A minute in the life of NASDAQ A warning for traders not accustomed to NAS and a reminder for us all Yesterday’s 8.30 on the 1 second timeframe. 50 points gap down and a further 50 points drop in the same 1second. Followed by at 1.272 increase from the starting price all within 1 minute