As anticipated in my previous analysis, NAS100 reacted with bearish pressure and fell from December 2021 falling trendline. Follow the link below to see my previous analysis.
Now we can expect the market to move to the downside seeing that we have a high time-frame rising channel and minor rising channel within the larger one which are considered as bearish reversals.
Here is trading suggestion for the coming week: Wait for price to close below 13065, look for candlestick rejections and a strong bearish candle for confirmation on lower time-frame. Open short positions and first target will be 12674. At 12674 I expect the market to bounce up and I believe it will retest the 12674 level. Second positions can be taken with target at 12172.
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First Identify your point of interest as shown on my snapshot. You can do this on a higher timeframe.
Second, observe price action on lower time-frame (5-15 minutes). Wait for bearish candle to close below the point of interest. (1 or 2 candles are sufficient on 15 minutes). The market will attempt to return to the point of interest. Price must not close above the point of interest, instead we should see candlestick being rejected from the point of interest to suggest bearish pressure. Look for candlestick with longer wicks closing below the point of interest to confirm present of bears and strong bearish candles (engulfing candlestick patterns, marubozu to confirm bearish pressure).
(Thank you for the good question) remember as long as we are in Tradingview house we should abide to their house rules so unfortunately your question might not meet all the answers you desire.
Ahmed_M_Soliman
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@Forexintelligence_NA, Thank you so much for your detailed answer. appreciated. your answer is good enough to educate me about the Price action