Nasdaq hitting ceiling, but trend is up.Wow. This is what it looks like when you go absolutely crazy. The weird thing about learning how all these indicators are supposed to help you break it down is that the main thing I'm doing at this point is trading consolidations, trendline breaks, and supply and demand levels. No indicators necessary besides maybe a moving average. The indicators and everything add layers to it, but If you look at the indicators exactly as they are when I posted this, they wouldn't be helping you at all. I find that is the case MOST OF THE TIME. Granted, 99% of trading is waiting, but I don't see how lagging indicators are supposed to help you trade. How many times have you seen an overbought peak get higher and higher and stop you out again and again? I want to trade the indicators... I just don't see how you can .
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St. Patrick's day is historically a bull parade, however, we hit major daily supply this afternoon and have barely looked back yet. You can ONLY trade what you see on the charts. Don't go long at the bell because you think historically St. Patty's day is an up day. You're just asking for it, I promise you.
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These are the major Bullish elements I'm considering: Break of Daily Trendline on Friday, follow through on Monday into Tuesday. Fresh out of a pretty healthy correction. Lots of healthy pullbacks within the up move means we might not be overextended and can continue the bull run.
These are the Bearish elements I'm considering: The reaction at the Daily Supply was sudden, not allowing a break of the current ceiling, meaning we are located right below a current ceiling, and there is a lot room for price to go lower.
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My verdict: Taking the middle ground between the two I'm guessing price will retreat from the ceiling, then the forming uptrend will bounce us off daily demand and through the ceiling !! Very exciting in my head. You can almost be certain that isn't how it will go down.
