Good morning, Daily Direction readers!
We’re looking at the Nasdaq 100 E-mini futures market (NQ) today as we continue to monitor some very fascinating market events.
With everything going on in Europe right now, we all know that Wall Street investors are keeping a careful eye on the news cycle.
The Nasdaq’s long-term trend is still up, but its short-term trend is down. The market is approaching our down Fibonacci price point of 12282.5, when it should resume its upward trend and return to the buy zone. All we have to do now is sit and wait.
While this may be discouraging, we can be assured that our trading technique will lead us and keep us on the right track
And with that, let’s dive into the current timeframe analysis for the NQ:
Daily Timeframe Analysis
The market is heading for our down Fibonacci of 12282.5, as seen in our timeframe chart. We expect the NQ to rise over the current trendline and into the buy zone once it reaches that level.
While the market continues to move, we’ll examine the data and keep an eye on our timeframe charts.
We don’t want to miss any market movements given the current situation.
That’s why it’s critical to utilize all of the data we get during our research. It keeps us focused and prevents us from making emotional decisions.
We’ll dive in and keep looking for good trading possibilities as the markets respond to the ongoing geopolitical crises discussed in the news.
Keep in mind that we’re attempting to manage our risk in such a manner that we may gain without overleveraging our accounts.
The Bottom Line
The NQ is now trending upward in the long run, but is currently trending downward in the short term.
The market should push back into the buy zone once it reaches our down Fibonacci, allowing us the opportunity to hunt for places where we can execute our trading plan.
As your trading account grows, you should take advantage of my experience to refine your own trading technique! There’s no use in doing something if you don’t have a plan in place, so make sure you have one before you start.
Keep On Trading,
Mindset Advantage: Just Breathe
If you’re not breathing, you’re not focused. If you’re not focused, you can’t see the market. Opportunities slide by in an instant. Hazards reveal themselves only when it’s too late.
You need to breathe. Breathing exercises have proven to reduce stress and increase focus.
Sure, you’re already breathing if you read this. But when you trade… you need a breathing regimen. Whatever it is: Through your nose, out your mouth counting to 10 or 100. Find a method and routine that works for you.
You’ll find balance, clarity, and focus when you trade. Your heart rate will come down and you’ll just feel better.
Try it. And enjoy your trading.
Traders Training Session
Stay tuned for my next edition of Josh’s Daily Direction.
And if you know someone who’d love to make this a part of their morning routine, send them over to https://joshsdailydirection.