Hi Traders,
Nasdaq (NDX) Has been consolidating for a few weeks just below 12200. Price has revisited this point multiple times and has failed to push further. Looking at price action we have a clear untested resistance at 12545 Which I believe has a very high probability of being hit.
Understand that this is also an order block and I am more than happy to place a pending order at the entry price. The large consolidation range just below my point of entry leads me to believe that eventually, we will have a break out to the upside above 12200 which will surely induce a lot of buyers in the market. If this does happen I believe after hitting the resistance price of 12545 there will be a high probability of price rejecting and then Tanking to new lows. Liquidity will have been grabbed from buyers buying the break out as well as sellers who are currently short.
Now keep in mind that this is only part of my experience in trading and I have seen this move play out multiple times before, It does not have to happen the way I plan it. But I am willing to wait and see if it happens, My pending order will only be set if we do get a break out of price above 12200.
If you remember a post of mine a while back where I tie in the recession into what I think will happen according to the state of the global economy I would say that this could definitely be the move to Fuel the expected Market crash.
Let's see how this plays out.
Renaldo Philander.
Nasdaq (NDX) Has been consolidating for a few weeks just below 12200. Price has revisited this point multiple times and has failed to push further. Looking at price action we have a clear untested resistance at 12545 Which I believe has a very high probability of being hit.
Understand that this is also an order block and I am more than happy to place a pending order at the entry price. The large consolidation range just below my point of entry leads me to believe that eventually, we will have a break out to the upside above 12200 which will surely induce a lot of buyers in the market. If this does happen I believe after hitting the resistance price of 12545 there will be a high probability of price rejecting and then Tanking to new lows. Liquidity will have been grabbed from buyers buying the break out as well as sellers who are currently short.
Now keep in mind that this is only part of my experience in trading and I have seen this move play out multiple times before, It does not have to happen the way I plan it. But I am willing to wait and see if it happens, My pending order will only be set if we do get a break out of price above 12200.
If you remember a post of mine a while back where I tie in the recession into what I think will happen according to the state of the global economy I would say that this could definitely be the move to Fuel the expected Market crash.
Let's see how this plays out.
Renaldo Philander.