This trade was during very volatile times and was in not a signal as high volatility environments make it for a harder exact entry and fast trade management should price reverse on us.
Having said that, I´m looking for the next big buy in the Nasdaq and the setup I have in mind is currently developing. So on to the key levels!
Key Support: 12600 – 12200
Key Resistance: 13300 – 13900
The Nasdaq is still very much inside an immediate bearish structure and trading below a massive key level, 13300-13400.
Equities are definitely hot, risk is on and longs are the way to go. The problem is correctly timing our entries because of how volatile these markets are right now. We have seen -3% intraday moves not so long ago and those are just corrections. So where should we buy the Nasdaq?
We need price to clear our make it or break it zone.
High volume has been traded around this zone (green zone in the chart) and it has been rejected 4 times whilst price has been trading below it. This tells me big sell orders are placed there and buyers need to be strong to swipe them all and break this zone.
We want to trade with big bullish momentum so patience is necessary. But once the setup develops and we get the entry at the breakout we will have a great risk to reward trade fr a retest and breakout of all time highs!
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