NAS100 pullback to 15,740 before new ATH to 15,980
after the big sharp move on Fri 29/10/21, we expect this to continue to 15,900 area.
Then there should be a pullback to retest the ascending channel + 0.618 FIB
We place a SELL order at 15,900
with SL at 15,940 ( 1 ATR on the 1H is 40 )
and TP 15,740 ( the 0.618 FIB retracement is 15,721 but we want to be safe )
I will be taking partial profits ( like 25% each ) at 15,832 + 15,790 + 15,755
RRR is 4
THE LONG TERM TARGET IS 15,980 but we are using the pullback
( you can open a long position once reversal is confirmed like engulfing or rejecting candles)
Then there should be a pullback to retest the ascending channel + 0.618 FIB
We place a SELL order at 15,900
with SL at 15,940 ( 1 ATR on the 1H is 40 )
and TP 15,740 ( the 0.618 FIB retracement is 15,721 but we want to be safe )
I will be taking partial profits ( like 25% each ) at 15,832 + 15,790 + 15,755
RRR is 4
THE LONG TERM TARGET IS 15,980 but we are using the pullback
( you can open a long position once reversal is confirmed like engulfing or rejecting candles)
Note
I expect the reversal to begin at 15,905 but we open the short position at 15,900 to be on the safe side
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.