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Nasdaq One Hour up Channel – Aug 9th

var tradingview_embed_options = {}; tradingview_embed_options.width = '100%'; tradingview_embed_options.height = '475'; tradingview_embed_options.chart = 'LcNpze70'; new TradingView.chart(tradingview_embed_options); NQ one hour up channel by JoshuaMartinez on TradingView.com

The NQ one hour time frame is in an up channel . The market is making higher highs and higher lows. There are two areas where a good buying trade could be found. A counter trendline break bullish near the bottom of the channel or a counter trend line break bullish above the channel.

Entry: Counter trend line break bullish near the bottom of the channel or above the channel.

STOP: In the sell zone.

LIMIT: If entry is the bottom of the channel. The limit should be right before the top of the channel.

If entry is above the channel. The limit can be the next one hour Fibonacci extension or monthly up Fibonacci price point 16072.25

As long as the market stays above the bottom of the channel. It will be a good idea to turn to the five minute time frame and to look for tunnel trader long opportunities.