What's next for NAS?
Updated
My what a day it has been! Its always a good feeling to be on the right side of a trend.
Now for those who have been viewing my last few ideas (related idea tagged). We have managed to catch a long opportunity in which case profits were confirmed due to what i thought was rejection of our 88 level based on fibs. I could have squeezed out a few more points for better profit but i feel better knowing that i confirmed what i did. Price actually managed to close past our100 level! Normally this can indicate a breakout but it seems we had a fake-out instead. Price tried to complete a Inverted H&S pattern but failed to. Due to momentum dying out (divergence, smaller swings in trend) i managed to find a sell opportunity and am currently up 600+ points because of it. As mentioned before, although i closed my trade early due to what i thought was rejection of the 88 level, I still WAITED for a proper setup before entering trade.
I am curious now to see what price does next. Although we had a massive sell off today, it is clear that on our higher TFs that HH's and HL's were still established at the close of our candles. With the addition of divergence across my higher TFs, it strikes my interest of how price will react once back down at the 11800-11700 levels. Actually if you look at my past idea, this is the same area that we DID NOT get a retest of yet based off our 1H TF. I am currently trailing my short position and waiting to see how price responds at those levels mentioned before (11800-11700). I personally will have a limit set with tight SL in order to be prepared for retest. If this is accurate im expecting price to rally back up towards the 12550 level to either create a new high or retest the current high. However there is always possibility that price will keep pushing down.
I will update this idea as i go along. Safe Trading
Now for those who have been viewing my last few ideas (related idea tagged). We have managed to catch a long opportunity in which case profits were confirmed due to what i thought was rejection of our 88 level based on fibs. I could have squeezed out a few more points for better profit but i feel better knowing that i confirmed what i did. Price actually managed to close past our100 level! Normally this can indicate a breakout but it seems we had a fake-out instead. Price tried to complete a Inverted H&S pattern but failed to. Due to momentum dying out (divergence, smaller swings in trend) i managed to find a sell opportunity and am currently up 600+ points because of it. As mentioned before, although i closed my trade early due to what i thought was rejection of the 88 level, I still WAITED for a proper setup before entering trade.
I am curious now to see what price does next. Although we had a massive sell off today, it is clear that on our higher TFs that HH's and HL's were still established at the close of our candles. With the addition of divergence across my higher TFs, it strikes my interest of how price will react once back down at the 11800-11700 levels. Actually if you look at my past idea, this is the same area that we DID NOT get a retest of yet based off our 1H TF. I am currently trailing my short position and waiting to see how price responds at those levels mentioned before (11800-11700). I personally will have a limit set with tight SL in order to be prepared for retest. If this is accurate im expecting price to rally back up towards the 12550 level to either create a new high or retest the current high. However there is always possibility that price will keep pushing down.
I will update this idea as i go along. Safe Trading
Trade active
Price has retested my target area thus activating my trade. If we can get proper closure off the 1H i strongly believe we will have bullish momentum and go on a slight rally to our last high (12500 area). We may possibly see a retest of our doji candle after 1H closure.
Will update. Trade safe!
Note
*We would want to see closure past 11940 level. This would be even stronger indication of a bullish rally (1H)Trade active
AMAZING. Up 300 points because of this analysis. Im looking to take some profits around 12200,12400, and 12550 levels. We have a ways to go but im hoping that the bulls can hold this momentum. If somehow we can get closure past 12570 level then i would expect a significant rally coming, possibly to the 12800 level. Its a stretch but hey you never know. I will update this idea soon. Trade Safe
Note
(Bigger Picture) THANK THE TRADING GODS FOR STOP LOSSES. This was crazy! Thankfully i trailed profits with a tight SL otherwise all profits and original entry would have been loss from one candle. At the same time if you take a look at my 8H Chart above you can see that this drop down was as clear as day. This is my error for not securing profits AS SOON as i saw that doji candle left at the top of the slight uptrend. if you drop down to lower TF's
Trade safe
Trade closed: stop reached
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