NAS100 - MY DAILY AND INTRADAY ANALYSES (TARGET 17300)
Yes this is contrarian, markets are booming but it's quite overextended and going long at a top is the most monkey trader thing to do. I'll do a reverse analysis where I start with the intraday and follow up with the daily. So here's my take on things:
What's on the intraday chart? (Follow the steps)
1) A 4 hour bearish FVG. This will serve as my entry zone.
2) Our 'support line'. You'll notice price keeps on making lower lows.
3) Our liquidity target. This is the price magnet. We know for certain (discretionary) that price will take this out.
4) The entry point. Again, do your own research. Do not follow the analysis from some random stranger on the internet and go all in (you degenerate).
5) The intraday target. The order of things matter. If we hit this before hitting the short entry then you might wanna reverse the idea but I do not like the idea of longing in an overextended market!
What's on the daily chart? (Follow the steps)
1) The previous all time high that was violently broken.
2) Our swing extension target area. This is great to know where to take partials or close entire positions in new price territories. Of course price can always go further towards 2 or 2.618 or anything else (it's up to you where you wanna take partials).
3) The bearish candle pattern: kind-of a mix between a gravestone, a spinning top, a shooting star and whatever other label I can muster to justify my bias lol. To me this is the main driver of the bearish bias!
4) Maximum target. I do not see price going any lower and the intraday target is more sane so I don't really expect price to go that low either.
5) The continuation of the rally. People love buying. I do not see that changing anytime soon.
As always, have a lovely day and happy trading! ;)
What's on the intraday chart? (Follow the steps)
1) A 4 hour bearish FVG. This will serve as my entry zone.
2) Our 'support line'. You'll notice price keeps on making lower lows.
3) Our liquidity target. This is the price magnet. We know for certain (discretionary) that price will take this out.
4) The entry point. Again, do your own research. Do not follow the analysis from some random stranger on the internet and go all in (you degenerate).
5) The intraday target. The order of things matter. If we hit this before hitting the short entry then you might wanna reverse the idea but I do not like the idea of longing in an overextended market!
What's on the daily chart? (Follow the steps)
1) The previous all time high that was violently broken.
2) Our swing extension target area. This is great to know where to take partials or close entire positions in new price territories. Of course price can always go further towards 2 or 2.618 or anything else (it's up to you where you wanna take partials).
3) The bearish candle pattern: kind-of a mix between a gravestone, a spinning top, a shooting star and whatever other label I can muster to justify my bias lol. To me this is the main driver of the bearish bias!
4) Maximum target. I do not see price going any lower and the intraday target is more sane so I don't really expect price to go that low either.
5) The continuation of the rally. People love buying. I do not see that changing anytime soon.
As always, have a lovely day and happy trading! ;)
Trade closed: stop reached:
Moral of the story: the NQ remains relentless for now!