NQ1! NAS100 NASDAQ 2023 MAY 08

6 พ.ค. 2023

NQ scenario 4, rotational trade yielded 470pts from 3 trades.
Test and Reject/Accept setups consistently offers low risk trades.

NQ was in rotation for a month now.
Friday saw a low volume mark up, and could be trapping longs.
Previous scenario planning remains.
Given the rotation has progressed thus far, inexperienced traders should just wait.
CAPS FOR EMPHASIS-MY TENDENCY TO TRADE SCENARIO4 WILL NOW BE DIMINISHED.

Possible scenarios:
1) Market stuck in a 250pt range, wait till supply/demand is resolved
Then:
2) Breakout of upper boundary to test 13740 = long at support of upper boundary of range
3) Breakdown of lower boundary of range = Short on rejection of 12950
4) The longer the rotation, the riskier will be rotational trade.
Long on support between 12950-13040 | Short on rejection between 13350-13212

Volume Analysis:
Friday's mark up on average volume, with close away from the high, is weakness on the bar.

Price reaction levels:
Short on Test and Reject | Long on Test and Accept

14361 13740 13350
13316 12950 10710 - 11068

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Have a profitable trading week ahead.
*For educational purpose only.