Good morning, Traders!
The Nasdaq futures market (NQ) is getting very close to the daily up Fibonacci. The long-term and short-term directions are both up, but we’re pushing just below the 14895.5 limit.
Once the market hits that limit, we should be prepared for a retracement (temporary price drop) before the next rally. Remember that the market trades in waves. That means the price moves from high to low on its way up to a new overall high price. That’s why a drop in price shouldn’t scare us away from trading when the overall trend is up.
To better understand price movements, be sure to check out this article I wrote that explains it in more detail!
Let’s dive into the timeframe analysis for the NQ so we can prepare to make the right trading decisions moving forward:Daily Timeframe Analysis
The market is clearly above the top of the channel and pushing closer to the 14895.5 limit (upper blue line).
The likely scenario for when we hit that limits is that buyers will ease off, and the NQ will drop in price.DAILY TIMEFRAME
The direction within the daily timeframe is up for NQ
The one-hour timeframe shows an overall positive direction as the market rallies
The NQ has U-turned off support and is headed up
Learn more about the Daily Direction Indicators here…
The NQ is currently bouncing off support (lower grey line) and making a move toward a higher price (top green arrow). The market is poised to hit a new all-time high.
But remember that shouldn’t scare us away from the market! A price drop actually allows us to buy at a lower price once we see evidence that the market is about to turn back toward a bullish rally.
Once that happens, we’ll turn to our one-hour timeframe and look for opportunities to buy-in.
But before you do that, you’ll need to know about entering a market on counter trendline breaks. I’ve got just the information you need right here.
| 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
The one-hour timeframe is still giving us counter trendline breaks toward bullish, which is great. That means the market is making higher highs and higher lows. It’s doing everything we want it to do to facilitate profitable trades!
The NQ has bounced off of support (bottom grey line) and is rallying up toward the new Fibonacci extension!
The market will continue its overall upward trend, even as we see price dips along the way. You can see in the chart below how the market consistently bounces off the bottom grey line and U-turns back to a bullish rally. That shows us how the NQ is still in a positive trend.
To learn more about trendlines and how they work, take a look at my free trading resources.The Bottom Line
The overall direction for the NQ is up, though the price is approaching the 14895.5 limit quickly.
We’ll keep an eye on the market’s movements to look for signs of a coming retracement as the market price approaches that up Fibonacci extension. Now’s the time to prepare your trading strategy and closely monitor the timeframe charts.
The overall direction for the NQ is up, though we’re keeping an eye on the market as it approaches the up Fibonacci limit.
But don’t jump in all alone. I’m here to help you realize your money-making potential in futures trading. Leverage my knowledge for your own gain. Just follow along as I reveal the crucial aspects of my trading strategy that will allow you to become a profitable futures trader!
Keep On Trading,
Mindset Advantage: Burn Your Baggage
You carry it around like George Clooney, in that movie ‘Up in the Air’.
The impossible weight of life and trading – all in one backpack.
Why not unburden yourself?
Don’t just set the baggage aside.
Get rid of it all together.
It can’t weigh you down if it’s not there to pick up again.
This goes especially for trading.
Learn from the losses, the bad entries, and the late exits.
Then get rid of them.
Burn that baggage.Traders Training Session
What are future contract sizes?
