Traps around support and resistance explained. Smart Money concepts always sells above resistance and buys below support.
NAS presented many opportunities for us to capitalize today. Take a look at the view to review yesterdays trading idea, how it played out today and what to expect tomorrow.
Yesterdays trading idea played out today. Although we did not catch the bigger move down, we did get into buys at our key daily levels. As for tomorrow, once again, very tricky. Although today closed bearish, price rejected lower structure and also closed slightly above previous daily candle. This is an indication that we can continue to retest previous high...
Although the daily is bullish and closed above previous days body, price also created a NEW HIGH in the market, retesting a weekly level and REJECTING it. Here is where things get confusing. We have a bullish candle that rejected a weekly level. Are we going up or down? Best thing to do is WAIT for market to give us clearer signs. Tomorrow is not going to...
CORRECTION @ 1:46 "BULLISH CANDLE" not BEARISH. Today we racked up over 300 pips with one short position and another long position. The long is being held over night and into tomorrow for possibilities of further push to the upside. Tomorrow I will be looking for entries in the key areas mentioned in the video.
This week I will be applying Smart Money Concepts, looking for proper entry at mitigation zones. Zones where price must return for smart money to close out opposite positions before continuation. All entries will be made around the weekly and daily levels. For users of my lightning bolt strategy EA, be sure to look for LB's (Lightning Bolt Signals) around the...
Here is an overview of NAS100 for the week of 2022-10-10.
I believe that price will mitigate the low to then push up and mitigate the mid zones before coming back down and possibly making lower lows.
A break and retest strategy of previous support, now resistance, also crossing over the 8, 20 and 50 SMA
Taking an aggressive and risky short position on US30 due to candlestick formation at all time high.
Start of downtrend with a break of the previous support beginning a downward structure and a retest 1:5 risk to reward. Risk only 1%-2% per trade.
Start of downtrend with a break of the previous support beginning a downward structure and a retest 1:5 risk to reward. Risk only 1%-2% per trade.