Analysis done on the daily/4H timeframe. Nas has been overall very bullish, with very few corrections. How much longer can this go on for?
As you can see, i've drawn out a few supply and demand (S&D) zones from the 4H TF. The last two 4H candles have been in favour of the bulls, with massive wicks to the downside. I've actually entered a buy here myself. This is because i see price revisiting the second-to-top zone, and then coming back down. Hopefully, if bears gather enough strength, we will have a move to the downside (represented by the arrow path). There's a chance price may revisit the ATH but i believe a correction is long overdue.
I've drawn the bottom trendline out from the daily TF and if we're able to break and stay below it comfortably, the move to the downside will continue.
I'll let you guys know if i end up entering nearer to the top.
Updates to follow, follow me to see them.
As you can see, i've drawn out a few supply and demand (S&D) zones from the 4H TF. The last two 4H candles have been in favour of the bulls, with massive wicks to the downside. I've actually entered a buy here myself. This is because i see price revisiting the second-to-top zone, and then coming back down. Hopefully, if bears gather enough strength, we will have a move to the downside (represented by the arrow path). There's a chance price may revisit the ATH but i believe a correction is long overdue.
I've drawn the bottom trendline out from the daily TF and if we're able to break and stay below it comfortably, the move to the downside will continue.
I'll let you guys know if i end up entering nearer to the top.
Updates to follow, follow me to see them.
Trade active:
Nas has entered the zone and i've now placed some sells.
Order cancelled:
Price action was playing up as price didn't seem to want to dump quite yet. Sells closed and price has ended up going up to the top zone. I knew this was a possibility as stated in the description, so now we need to wait and see what price does next. Only enter more sells with confirmation.
Comment:
Price has broken past the ATH. Fundamentals are being released later today which could either send it down, or further up. I've been trading NAS a lot this week and it's been acting very weirdly, i'm not a fan of the current market conditions. Anyway, this setup has been invalidated for now, but i will be looking to position myself for some sells later.