zoomed out D1
200mA seems to have worked well in the past year for this chart. Every touch of 200mA seems to follow up with a 200-300 points rebound.
Therefore can this touch of 200MA serve to provide the bounce that may form the right shoulder ( pending price action)? After all , there is a 3 months low which formed as support. Unless price crashes below this level, have to assume that price is now at a confluence support.
But still, no setup to long , yet.
A bullish day close bounce from the 200MA. Looking for a retracement to get CTT long
a 3 day bear trap has been completed @ the key zone.
Positions have been entered for a ctt long setup
My initial single long position have been exited early due to fear. I believe my analysis have improved tremendously for the past few months but
1) what I need to do now is to continue to hold to my trades
2) NASDAQ is a new market for me and I should be forgiven for this first trade.
Price has now come to the kill zone which I have been targeting for a very long time.
However on h1 a 2 day bull trap is already in place with a smaller hns about to be completed pending right shoulder completion.
I am hoping to get in shorts on a higher price to minimize my pip risk.
Overall , mkt seems to turn risk-off for now.
A trade checklist
Insufficient to deem it as A trade. But i believe setup has not matured yet. It should be able to gain some more point as time goes by.
Any potential trade with a fractal aspect deserves a second look.