There are 5 opportunities marked as 1, 2, 3, 4 and 5. Numbering is not based upon priority, it is a general notation to separate the ideas.
You may take Long or Short position upon valid reason to support that particular move. Valid reason may be Pin Bar or any other candle stick pattern.
Potentially seems downward trend, but it may retrace to given levels, and then resume to the main trend.
at point 1, 2, and 3. see for major reasons to take the trade at the levels.
It is a general prospect about NASDAQ 1H movement.
You can plan for both Long and Short by looking at the valid reason on each direction.
for Long - see a strong bullish candle at support
for Short - see a strong bearish candle after the breach and retest of support
Timeframe: 4H
Support and Resistance majorly used to figure out the direction.
Arrows are to show breach of Support, bounce back from support and retest.
Arrow heads are to show the direction.
You can plan trades accordingly by looking at the reasons at those levels Support and Retest.
Main Trend Highlighted with Red Arrow - Downward
Ascending Channel within retracement
Take Short Entry after Channel breakdown
Target Should be Next Available Support.
Short SPX500 on 15 mint
Entry at market price
Stop Loss: 3711
Take profit: near ceiling: ~3670
Position size: 0.5 for 15K
Near Channel resistance and divergence on RSI
Long SPX500 on 15 mint
Entry at market price
Stop Loss: 3671
Take profit: near ceiling: ~3700
Position size: 0.5 for 15K
Entered into channel and tested its support.
