Historical moment of Nasdaq insane rebound
$E-mini NASDAQ 100 Futures (SEP5) (NQmain.US)$ $NASDAQ 100 Index (.NDX.US)$
What is next after this insane big engulfing candle last night? Price done reaching my weekly key support 16920, 16570. Currently price is testing strong resistance ahead 19320 - 19600. Likely will see it back to retest support first 18360.
You will likely see lot people shouting bull is back, to me i won't make such quick decision solely based on 1 day candle, i will see it from bigger picture.
First - price is still in downtrend, to turn around successfully it will need to break + maintain above 19600-20000 this key level
Second - Price will need to continuous hold above new support in Daily or 4hour timeframe, currently key 1 is at 18360
Third - When price make such emotional move, it tends to attract a lot of panic trader, to me this is an issue which will cause them make wrong decision. Hence panic trader is making quick buying decision, price is likely to drop more as while fail to maintain above support under this situation. Making more panic selling and takes time to form a bottom before departing higher, leaving large amount of panic seller behind.
In summary, with this context I'm trading 1hour timeframe pullback to support first, if there's good support reaction, then i will look for long direction to challenge this key resistance level 19600-20000. Failing to hold above support, i will aim it back to current low around 16400.
What is next after this insane big engulfing candle last night? Price done reaching my weekly key support 16920, 16570. Currently price is testing strong resistance ahead 19320 - 19600. Likely will see it back to retest support first 18360.
You will likely see lot people shouting bull is back, to me i won't make such quick decision solely based on 1 day candle, i will see it from bigger picture.
First - price is still in downtrend, to turn around successfully it will need to break + maintain above 19600-20000 this key level
Second - Price will need to continuous hold above new support in Daily or 4hour timeframe, currently key 1 is at 18360
Third - When price make such emotional move, it tends to attract a lot of panic trader, to me this is an issue which will cause them make wrong decision. Hence panic trader is making quick buying decision, price is likely to drop more as while fail to maintain above support under this situation. Making more panic selling and takes time to form a bottom before departing higher, leaving large amount of panic seller behind.
In summary, with this context I'm trading 1hour timeframe pullback to support first, if there's good support reaction, then i will look for long direction to challenge this key resistance level 19600-20000. Failing to hold above support, i will aim it back to current low around 16400.
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Gold has rebounded to $3,300! It's time to get on board?
🎙️ Discussion: 1. Has it $Gold Futures (AUG5) (GCmain.US)$ rebounded to $3,300? Will the short-term trend continue to rise? 2. What factors
Options Newsman
May 6 20:45
S&P 500's Put/Call Ratio Hits 5-Year Low: Fear Fades and Bottom Near?
Money Man Snr : Under such market situations, TA doesn't really applies. Price movement is purely based off impulse for now...
Cui Nyonya Kueh : For me it's a trap...
Cui Nyonya Kueh : watch for data tonight
Mr Bull and Bear OP Money Man Snr : yes i agree, but is fine to wrong for couple trade and just take the losses, and not trading everything. Just a context for myself everytime before i entering a trade, will see how price move next
Mr Bull and Bear OP Cui Nyonya Kueh : same
im still waiting how price move and is showing weakness before finding short entry
Money Man Snr Mr Bull and Bear OP : your TA is good, definitely useful when volatility isn't off the charts...