NASDAQ Potential for Double Top
This is very speculative atm but a scenario I can see playing out from here and would take time to develop.
1. We get a bounce from here (would be helpful if tension with Russia subsides) and retest bottom of channel. (break back into channel and pattern would turn into more of a broadening wedge)
2. Rejected at bottom of channel and reverse back down to start forming double top.
3. If neckline is broken, PT is listed for the M pattern breakdown.
Also note the rounded curve tapering off the accelerated upward movement.
This is just one possible scenario to watch for...
——————————————————————————————
Top 10 trading tips:
1. DO NOT FOMO into a trade. Let it come to you. Don’t force it.
2. Find a strategy that works for you and be consistent. Operate like a machine and less like the wind.
3. Let your winners run and cut your losers short.
4. You will not win every trade, but if you are disciplined with great RM you don't need to be right all the time to win!
5. Before you enter a trade, know your target AND your exit strategy.
6. When you are up, you can use a trailing stop or trim off some profit at a logical resistance point with a stop loss at breakeven.
7. Set your trade parameters up front so you keep your self accountable and remove emotions from the equation. (stop loss, take profit levels, etc)
8. Don't fight the trend. The trend is your friend.
9. Don’t enter a trade based on one indicator.
10. Horizontals > Diagonals
Please note:
- This is not financial advice.
- I do not take every trade I post.
- Never trade off of someone else's chart until you DYOR!
1. We get a bounce from here (would be helpful if tension with Russia subsides) and retest bottom of channel. (break back into channel and pattern would turn into more of a broadening wedge)
2. Rejected at bottom of channel and reverse back down to start forming double top.
3. If neckline is broken, PT is listed for the M pattern breakdown.
Also note the rounded curve tapering off the accelerated upward movement.
This is just one possible scenario to watch for...
——————————————————————————————
Top 10 trading tips:
1. DO NOT FOMO into a trade. Let it come to you. Don’t force it.
2. Find a strategy that works for you and be consistent. Operate like a machine and less like the wind.
3. Let your winners run and cut your losers short.
4. You will not win every trade, but if you are disciplined with great RM you don't need to be right all the time to win!
5. Before you enter a trade, know your target AND your exit strategy.
6. When you are up, you can use a trailing stop or trim off some profit at a logical resistance point with a stop loss at breakeven.
7. Set your trade parameters up front so you keep your self accountable and remove emotions from the equation. (stop loss, take profit levels, etc)
8. Don't fight the trend. The trend is your friend.
9. Don’t enter a trade based on one indicator.
10. Horizontals > Diagonals
Please note:
- This is not financial advice.
- I do not take every trade I post.
- Never trade off of someone else's chart until you DYOR!
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Savings:
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BlockFi: Referral Code= 88fda124
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