Nasdaq Idea - Short MNQ 17332Rationale:
Internal Resistance High: The internal resistance high at 17322 serves as a critical level where selling pressure is likely to intensify. Traders can capitalize on this level by initiating short positions, anticipating a reversal in price action.
Session Timing: The trade idea is particularly relevant during the Asian and London sessions, where liquidity and volatility are generally higher. This timeframe enhances the effectiveness of technical levels like the identified resistance, increasing the probability of a successful trade.
Risk Management: By placing a stop loss at 17355, traders can limit potential losses in case the market moves against the anticipated direction. This disciplined approach to risk management ensures that losses are kept within acceptable limits.
Conclusion:
In conclusion, the MNQ presents a compelling short opportunity during the London session, with the internal resistance high at 17322 serving as a key level for traders to monitor. By entering a short position near this level and implementing appropriate risk management measures, traders can potentially profit from the anticipated downward movement, targeting 17260 as the initial objective. This analysis is valid for trading on April 22, 2024, and aligns with the prevailing market conditions and technical dynamics.
Disclaimer: Trading involves risk, and past performance is not indicative of future results. Traders should conduct their own research and consider their risk tolerance before executing any trades.