Good morning, Traders!
The Nasdaq futures market is headed in the right direction, and we’re ready to make some money on the price movement! Both the long-term and short-term directions are up. All we have to do is let the market play out its current trend as we set up our positions.
The NQ broke the counter trendline and is currently in the buy zone. Take a moment to refresh your memory on how counter trendline breaks work and why they’re important.
As we watch the NQ, we’ll wait for a retracement (temporary reversal of an overarching trend in a stock’s price) before the market breaks the next counter trend line as the bullish rally pushes on!
Now, let’s take a moment and review today’s timeframe analysis…Daily Timeframe Analysis
The NQ daily timeframe still shows that the overall direction for the market is up. With the current rally, the market could make a +6000 tick push to the top, according to the up Fibonacci.DAILY TIMEFRAME
The direction within the daily timeframe is up
1-HR TIMEFRAME
The current direction for the one-hour timeframe is up
THE BOTTOM LINE
The NQ market hit a U-turn point and turned bullish
The daily NQ is currently in an up channel. The market has hit the bottom of the channel and is rebounding back toward the top in a bullish run.
With the data from the daily timeframe, we can look at the one-hour timeframe to see how we can buy the market! Remember how we use each timeframe: the daily confirms the market’s highs and lows, while the one-hour confirms our entry.One-Hour Timeframe Analysis
Turning to the one-hour timeframe, we clearly see that the market has moved into the buy zone, and the overall direction is up. Take a look at the following chart to see for yourself:
The NQ one-hour timeframe is in the buy zone! We can expect the market to rally bullish to a new high price (long green arrows)
We’ll see a retracement (temporary drop in price) before the market then heads off for a major rally. Remember: the market trades in waves, so dips in the price along the way aren’t anything to be worried about!The Bottom Line
Both the long-term and short-term directions are up for the NQ. We see that the market has broken through the counter trendline in the one-hour timeframe and is making a bullish run to the top. Now we just wait for a retracement, buy at a low price, and then follow along as the price goes up!
The NQ is in the buy zone and poised to rally back to the top!
Now that you have all the details for the NQ, what are you waiting for? Now’s your chance to get in and start making winning trades. I’ll show you how to do it no matter your level of experience, even if it’s zero!
Keep On Trading,
Mindset Advantage: Accept
It’s not the market. It’s not your indicator. It’s TRADING.
Let it go. The first step toward consistent profits comes when you accept the reality that losses will occur. Prices have a mind of their own at times. The institutions are at the wheel. The sooner you accept this, the more progress you’ll make.
Look at the past, but don’t stare. Accept what’s happened and move on.
Target tighter entries. Get the heck out of those losers you’re hanging on to.
Accept. And start to enjoy trading.Traders Training Session
