Good morning, Traders!
Today we’re taking a look at the Nasdaq 100 (NQ) as there are two possible scenarios for us to buy the market.
I expect the market to rally +5779 ticks, but the NQ could make one of two possible moves to get there. First, the price can continue to rally and push through resistance. Second, the price could sell-off toward the bottom of the channel, break through a counter trendline, and then rally bullish back toward the top.
Now would be a good time to read up on tick values and what they mean for your trading strategy. Check out my article on the subject here.
Either way, we’re prepared to watch the NQ as it decides how it wants to fulfill the up Fibonacci extension toward 14895.50
Our timeframe charts are critical to setting up an entry into this market as we’ll need to make sure we jump in at the right time. Let’s take a look at the NQ setup now:Daily Timeframe Analysis
The daily timeframe shows that the NQ is clearly in an up channel. The price hit the up trend line (bottom grey line) and pulled a U-turn toward a bullish run. The next up Fibonacci extension (future point of price resistance) is 14895.50. That’s a +5779 tick movement.DAILY TIMEFRAME
The direction within the daily timeframe is up
The current direction for the one-hour timeframe is up
THE BOTTOM LINE
The U-turn direction remains up
The NQ daily timeframe has U-turned bullish and is working toward a +5779 tick movement toward 14895.50
Whenever we see a U-turn, that means it’s time to watch our timeframe charts carefully as we look for entries into the market. Remember that we buy at low prices as the market enters a buy zone!
|Recommended Link:We can’t believe why almost no one is talking about this. It’s potentially the BIGGEST investment news of the decade.|
Today, we’ll show you how accessing a little-known portal in your brokerage account…
Is the key to potentially amassing a quick fortune.
You can start with a minimum average investment of just $500…
And turn it into a mind-blowing $50,000 payout!
All because the Chicago Mercantile Exchange (known as the “Merc”), the giant 171-year old trading marketplace, effectively turned the investing world on its head.
Overnight, they created a lucrative loophole so big it lets thousands of ordinary, hard-working Americans earn huge sums of extra cash.
One-Hour Timeframe Analysis
Looking at the one-hour timeframe, the NQ is in an up channel. The market hit the top of the channel (upper grey line) and is looking to push bearish.
This is where the NQ could make one of two main moves. Either the price will push bearish toward the bottom of the channel (bottom grey line), U-turn, and then push through the counter trendline, or it will rally through the top of the channel. Read my tips on recognizing market price direction for more information on how this all works.
The direction for the one-hour NQ is in an up channel. The price has hit the top of the channel (upper grey line) and is running bearish to the bottom of the channel (lower grey line)
We’ll watch the one-hour timeframe to find opportunities to buy into the NQ once it moves into the buy zone. Remember that we use the one-hour timeframe to plan our entries.The Bottom Line
Both the long-term and short-term directions for the NQ are up. While the one-hour shows a bearish push toward the bottom of the channel, we’ll wait for the market to U-turn and move back into the buy zone. When it does, we’ll prepare our entry strategy.
The NQ will move into the buy zone in one of two ways. We’ll just wait and see what happens
Why wait now that you have all of the necessary information to start trading NQ futures? This is your chance to start making money from winning deals.I’ll show you how to accomplish it no matter what your level of expertise is, even if you don’t have any!
Keep On Trading,
Mindset Advantage: Embrace Pressure
Most professional athletes will tell you there’s good pressure and bad pressure.
It brings clarity and focus when used properly.
Bad pressure causes you to freeze. To panic. Everything speeds up or slows down. Bad decisions get made.
Good pressure? It brings focus, clarity and a keen awareness of the opportunity and hazards that surround you. If you love what you do, trade because it brings you freedom, and see the opportunity it can bring to your life:
Embrace pressure… the good pressure.Traders Training Session