NASDAQ closed off Friday at around 13418.8 price point after bouncing off previous support around the 13404.5 zone. This presents us with two opportunities for the coming week.
The Buy Opportunity:
If the price stays above the 13456.4 zone, I will place a market execution buy and ride it until the area around 13572.0, once liquidity is taken out around this area, I will then look for price to reverse presenting a selling opportunity.
The Sell Opportunity:
Once the price reverses at the OB supply area (13572.0), I will hold this sell and ride it down until the area around 13193.8 at this point the LV would have been closed up to clear the imbalance, after this is done we might drop to the lower OB and the final push up for the next buy opportunity.
Note: This analysis is based on what I think the market can do, the best is to wait for the price to decide its direction because I don’t lead price but I let it flow and I follow through. Also, consider other fundamental factors such as CB and GDP.
All the best. @wolfofmufken
The Buy Opportunity:
If the price stays above the 13456.4 zone, I will place a market execution buy and ride it until the area around 13572.0, once liquidity is taken out around this area, I will then look for price to reverse presenting a selling opportunity.
The Sell Opportunity:
Once the price reverses at the OB supply area (13572.0), I will hold this sell and ride it down until the area around 13193.8 at this point the LV would have been closed up to clear the imbalance, after this is done we might drop to the lower OB and the final push up for the next buy opportunity.
Note: This analysis is based on what I think the market can do, the best is to wait for the price to decide its direction because I don’t lead price but I let it flow and I follow through. Also, consider other fundamental factors such as CB and GDP.
All the best. @wolfofmufken