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I noticed this old thread and thought it looked like one that could be dusted off and used again. Hopefully this isn't a gravedig. First up is a long time frame NDX chart to remind us all where we're at.
Next up is a 90 day 4 hour of NDX because I'm lazy and that way i don't have to redraw lines form the 20yr. I chose 4 hour simply because it's easy to see that price is out of the previous channel, in a tight range above the red line below the year open gap.
The hourly chart of NQ looks maye a little fishy (Note: in my experience, by the time something starts looking fishy to me, there's a good chance it's done being fishy) here with a lower high and broken neck line of sorts after falling out of the previous channel, but still holding above previous swing low at 4450.75. In my rookie view, if it doesn't head through the lower high at 4539.50 the trend is down and then the 4365-4374 area becomes the next swing low to watch
Not that I can ever figure out what the market is going to do, but today it closed right where it would cause me maximum confusion. While technically a few ticks above 4441.50 level I had as a previous low, it's basically right at that level after an very nice dump (one that I got stopped out of by 1 point thankyouverymuchMr.Market).
Turns out last night was a good long trade (for the record I was too skerd to take it) for those that took it. My guess would be that it's time to look below 4441.5.
The market continues to do what a market does and make a mockery of me. Right when I was posting this morning and mentioning that long overnight would have been a good trade, the trade was to go short. I returned after that post to a big red candle. NQ did get below that 4441.50 mark and it would have been a good buy. Price now appears to be consolidating in a flag
Saying that you believe it is going to do something is pointless. Why do you think that?
Looking back at yourself and saying you got it wrong doesn't do you any good unless you explain why you were thinking what you were thinking and then explain why you were wrong.
Also trade it. If you have an idea and see something, put a trade on. You will never learn from just watching the market. You must actively trade to actually gain experience.
