Notable figures such as Michael Burry and Puru Saxena have taken opposing sides on what this rally means. I enjoy how Burry made a very hedged statement... noting that at 23% it was within average but did not imply the Nasdaq's rise itself predicted the future. Puru took a more affirmative view that this was more than a bear market rally.
Today's intraday price action on
NQ1! was a morning sell off down to support:
Price counteryeeted at an Overnight low Inflection Point into a sharp rally which has been all too common in the last many trading days.
But that price action showed the signs of a false breakout here after a long, extended rally. The Spike fits my rules and must be taken. With a stop above today's high the risk is fixed and a proper 3 to 1 down to a 50% Retracement of the recent move up from August 9th.NQ1!.
Today's intraday price action on
NQ1! was a morning sell off down to support:Price counteryeeted at an Overnight low Inflection Point into a sharp rally which has been all too common in the last many trading days.
But that price action showed the signs of a false breakout here after a long, extended rally. The Spike fits my rules and must be taken. With a stop above today's high the risk is fixed and a proper 3 to 1 down to a 50% Retracement of the recent move up from August 9th.
NQ1!.Trade active
Today's price action showed a Spike on the 5 minute timeframe right at the open. The ATR Clearance was low (<70%) and it was occuring right at a potential Support which the premarket was holding. I used this as a trailing stop definition rather than an opportunity to add... but would have been a good one for a more aggressive approach.
Trade closed: target reached
Target reached
"Be to others the person you needed to meet 10 years ago"
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Discord Trading Community: discord.gg/eDfhKvS5AC
Youtube: youtube.com/c/NoroksNotepad
Twitter: twitter.com/noroktrade
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
"Be to others the person you needed to meet 10 years ago"
Discord Trading Community: discord.gg/eDfhKvS5AC
Youtube: youtube.com/c/NoroksNotepad
Twitter: twitter.com/noroktrade
Discord Trading Community: discord.gg/eDfhKvS5AC
Youtube: youtube.com/c/NoroksNotepad
Twitter: twitter.com/noroktrade
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.