A change of direction for NQ
A successful trader gets when to change your strategy as new information becomes available. Yesterday I posted an idea for a short position but I was stopped out for a small loss. Now we have more data so my strategy has changed to long.
Points in favor of long:
- we have broken a many time tested resistance
- we have a new local high. Not by a hole lot but a new high anyway.
- we have broken 786 fib which is an important fib
- we have broken the neckline of an inverse head and shoulders
- with a higher high and and a higher low we have a new uptrend that has been made.
I think now we make a new ATH before we head down again. So my stop is bigger than usually, but not anywhere close to dangerous big, and still within my risk tolerance.
So bottom line is we have a breakout. Enter now on open or wait for retest of neckline with a limit order. However this is very close to each other, so I have already entered.
Good luck to all!
Ms Bunny ❤️
Points in favor of long:
- we have broken a many time tested resistance
- we have a new local high. Not by a hole lot but a new high anyway.
- we have broken 786 fib which is an important fib
- we have broken the neckline of an inverse head and shoulders
- with a higher high and and a higher low we have a new uptrend that has been made.
I think now we make a new ATH before we head down again. So my stop is bigger than usually, but not anywhere close to dangerous big, and still within my risk tolerance.
So bottom line is we have a breakout. Enter now on open or wait for retest of neckline with a limit order. However this is very close to each other, so I have already entered.
Good luck to all!
Ms Bunny ❤️
