NQ | QQQ | Day trading plan 7-26-2024
Updated
NQU2024 Bullish Scenario
Immediate Resistance Levels:
Bullish Line: : 19,115.75
Target Price 1: 19,168.75
Target Price 2: 19,278.50
Strategy:
Entry: Consider entering a long position above the immediate resistance at 19,115.75.
Stop Loss: Place a stop loss below the nearest support at 19,041.75 to minimize risk.
Targets: Set targets at the resistance levels mentioned above. Partial profit-taking can be considered at each target level.
Confirmation: Look for bullish candlestick patterns or confirmation from volume indicators before entering the trade.
Bearish Scenario
Immediate Support Levels:
Bearish Line: 19,065.00
Target Price 1: 19,041.75
Target Price 2: 18,998.75
Target Price 3: 18,932.00
Strategy:
Entry: Consider entering a short position if the price breaks below the Bearish Line at 19,065.00.
Stop Loss: Place a stop loss above the nearest resistance at 19,115.75 to minimize risk.
Targets: Set targets at the support levels mentioned above. Partial profit-taking can be considered at each target level.
Confirmation: Look for bearish candlestick patterns or confirmation from volume indicators before entering the trade.
Summary
Bullish Entry: Above 19,115.75 with targets at 19,168.75 and 19,278.50.
Bearish Entry: Below 19,065.00 with targets at 19,041.75, 18,998.75, and 18,932.00.
Stop Losses: Adjust according to the nearest support/resistance levels to manage risk.
This analysis should be used in conjunction with other indicators and market conditions for a comprehensive trading strategy.
Trade closed: target reached
TP1 hit, 50 pt. position closed.each contract made 1k. in less than 30 minutes. this is the power of futures trading.
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