2021 July 12 NAS100USDOANDA:NAS100USD
2021 July 12 NAS100USD
Theme of last week for NAS was trapping longs and shakeout, very exciting week!
This is what can happen when volume is low.
It is cheaper to wipe out weak hands when market participation is low.
Weekly chart: Price advanced, volume picked up a little, some strength has come in
Daily chart & H4 chart: Wide spread bar up = SOW. If long, keep stops tight.
Anyway resistance is near, don't chase.
Wait for retracement if taking long.
Intermediate support = 14683 - 14727
Strategy:
Generally, long is preferred, wait for retracement, don't chase the high.
1) Immediate Bar 4 is weakness, resistance is near, prefer to short when price becomes resisted.
2) When closes start bunching together, stay out as market will be in rotation
3) Grey box area of previous rotation could be tested, wait for price reaction before taking trade
4) Red/Green zone remain preferred entry zone for high probability trades
Remember to like and follow if you find this useful. Have a profitable trading week ahead. : )
