Top 5 Weekly Trade Ideas #1 - NQ Ascending Wedge
NQ is trying to break above a previous high, the last swing high before ATH. Nice pump early in the session after breaking above and it's holding on a retest so far. We also have an ascending wedge here that it rejected off of earlier this morning.
20,560 is the level I'm watching with ATH/supply above and demand below. If the demand below doesn't hold and NQ falls below 20k, next downside target would be the trendline below and demand near 19,700.
As long as it holds above 20,560 I will have long bias, it wouldn't be until 20k gets broken where I'd start to be more bearish in the bigger picture.
20,560 is the level I'm watching with ATH/supply above and demand below. If the demand below doesn't hold and NQ falls below 20k, next downside target would be the trendline below and demand near 19,700.
As long as it holds above 20,560 I will have long bias, it wouldn't be until 20k gets broken where I'd start to be more bearish in the bigger picture.
Note
Nice wedge break today, first target hit. VX didn't quite tap 19.40, but was within 10 cents. Will be interesting to see if bulls can hold it here or not. There's plenty of news stories this week that could cause volatility and it looks like Israel will launch their retaliation soon. I think this could be a good long but I'd be wary of swinging overnight right now.
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Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes.
ko-fi.com/advancedplays/tiers
Short Thesis:
advancedplays.com/short-thesis.pdf
Disclaimer:
The ideas I post do not always represent my positions and they are intended for educational purposes.
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