Good evening all. I would normally do a video for you but I am at a relative’s house, (first time she is seeing Mini Market Maker)…So its a mad house for me right now.
But let me draw your attention to the current image above regarding the 50% retracement of the vector.
Price right now is effectively testing the 50% zone, as we stated earlier this morning, we only want to consider longs if price can validate this zone.
If we look at the candles on the left we have in total two hits up, we anticipate price to make another move higher given that the markets dropped today and made a decent recovery.
This leads me to the position building I started when NASDAQ was dropping today.
The MT4 Chart shows you the total positions I opened today on Nasdaq.
In total I have 45 Positions opened which range from 1.00 Lots – 3.00 Lot Sizes.
I’m using 50:1 Leverage on these plays.
Why am I building longs on Nasdaq. Nasdaq, whenever It drops aggressively, always likes to come back up into the vector zones.
If you go back to a few Fridays, Nasdaq, when it sells off usually makes a recovery back up and then continues up at the start of the week.
Now what I noticed on Nasdaq was as it was dropping, I noticed It held a key zone in the chart where interest previously came in which suggested to me that I would see a potential recovery backup.
Look at the 1hr time frame I have shared above and pay close attention to the blue-boxed areas.
This was the justification of me building these longs on the idea that the traders who came in (the volume profile light blue volume nodes at the lows) are showing interest to keep price above this range.
I anticipate nasdaq to move up going into the start of next week and head toward the red vector candle. If I can achieve a return back up above the first few positions I opened, then I will close the trades and I would be satisfied with the play.
I started to open these trades towards at the start of the new york session as I anticipated Nasdaq to try and take out the lows and test the interest (blue boxed area) Will discuss this more on sunday.
So tomorrow is Saturday and I will do the usual Bitcoin Macro breakdown and project bitcoins journey going into next week, followed by the forex update on sunday.
Remember the US is closed on Monday so we are down a pool of liquidity at the start of the week.
Will catch up with you all tomorrow.