Any /NQ pure technical traders? Curious to know what thoughts are for this morning, April 27, 2017. I predict the market will start up strong due to the 15, setting a new high (5563-5570), and then reverse hard late in the morning (9-10:30 AM), returning to ~5537 before the close.
So the top looks like it's 5565.75.. can't short just yet though. The real drop should be in 1-2 hours. The market has to come down (like it's doing right now), go back up ~8-10 points and spend some more time here, and then it will collapse to 5537. Looking to short around 5560 if we get a clear signal.
I'm replying to this a little late as I just saw it, but we had a textbook example of a bull flag forming on the 15m chart, and then the subsequent push higher. I'm not an NQ trader, but I would short around 5570 as I see pretty strong resistance there.
We hit all time highs today so there is no natural resistance, just some trend line and extension projections...be careful with shorts.
Yeah, I don't think the drop is valid anymore because of the new high. I was sure of it until then, even took the long up to the old high and got ready to reverse, but sadly no proof of it happening still. The last time I saw this reversal it completed in just 30 minutes, so there's still time. But I'm not confident about it with how the last hour went.
Yeah, several good trades, the larger ones being longs. I am a short term trader though so I won't bother with long term moves.