NQ testing important resistance NQ1!
See chart for summary.
I don't think the market has topped here, but I do think there's an opportunity for short term shorts to nail a momentum move down AFTER a fail at the zone. I included the EMA's here because they provide a good visual tool...a pullback to the 25 EMA + zone + price action fail....that's essentially what I'm looking for. Ideally I'd like to see it developing on the H1 and execute on the 5m tomorrow.
That's very specific, and like I said before, I've been burned by the NQ many times on technical setups. This is a algo heavy instrument that's perfected the art of the fakeout + trap.
If I'm completely wrong and price busts up through the level, this is still a chart worth studying.
Why?
Two reasons:
1. Momentum will come into the market here. First step in good trading is to identify when/where opportunities will present themselves.
2. The second step is knowing which direction to pick. I'm a discretionary technical trader...and if I'm clearly trapped, it's a chance to study how the NQ will set up attractively to one side and then slam the other way at the last minute.
Either way, watch for the move that's coming.
I don't think the market has topped here, but I do think there's an opportunity for short term shorts to nail a momentum move down AFTER a fail at the zone. I included the EMA's here because they provide a good visual tool...a pullback to the 25 EMA + zone + price action fail....that's essentially what I'm looking for. Ideally I'd like to see it developing on the H1 and execute on the 5m tomorrow.
That's very specific, and like I said before, I've been burned by the NQ many times on technical setups. This is a algo heavy instrument that's perfected the art of the fakeout + trap.
If I'm completely wrong and price busts up through the level, this is still a chart worth studying.
Why?
Two reasons:
1. Momentum will come into the market here. First step in good trading is to identify when/where opportunities will present themselves.
2. The second step is knowing which direction to pick. I'm a discretionary technical trader...and if I'm clearly trapped, it's a chance to study how the NQ will set up attractively to one side and then slam the other way at the last minute.
Either way, watch for the move that's coming.