Good morning, Daily Direction readers!
We’re keeping an eye on the Nasdaq futures market (NQ) today, as the market is making some interesting moves in the timeframe analysis.
The market initially broke the counter trendline within the channel and is now pushing bullish toward our next level of resistance at 15300.
But, the latest analysis shows the market pushing below the bottom of the channel in the daily timeframe. That’s certainly something we want to watch with this higher risk set-up.
While taking on greater risk is part of the trading cycle, it’s wholly acceptable to take a break till things calm down.
Daily Timeframe Analysis
As we mentioned earlier in the week, the NQ broke our counter trendline and pushed bullish toward the 15300 price point.
Now, the market has fallen through the bottom of the channel thanks to increased volatility.
That could mean we’re looking at another sell-off. But our timeframe charts will give us the data we need to make decisions on the NQ.
Remember that this is currently a high risk trading situation. We want to be cautious as we continue to look for opportunities in the market.
Learn more about the Daily Direction Indicators here…
Increased risk and volatility can put many traders on edge. And while it’s good to be cautious, we shouldn’t let fear keep us from looking for opportunities to trade.
Profit is made by taking on some measure of risk. As long as we use our strategy to manage that risk, we can look for ways to make money in the market even when things get complicated.
The Bottom Line
There’s a lot of volatility in the market right now, and the latest headlines have a lot of investors worried.
But we’re still watching the futures market for opportunities to trade while managing our risk. That’s why a good trading strategy is so important. It guides you during roller coasters times like this.
Take a moment to review my educational resources to better understand how to develop and use a strategy that will help you weather tough times in the market!
If you’re ready to start trading the NQ, check out my other trading tips for ideas on how to get started.
You can use my knowledge to develop your own trading strategy as your trading account grows! There’s no real incentive to do something if you don’t have a plan, so make sure you have a good strategy before getting started.
Keep On Trading,
Mindset Advantage: Acceptance
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
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.
The post Dealing With Increased Risk and Volatility appeared first on Josh Daily Direction.
