Sometimes the best opportunities come after a healthy pullback, not after chasing a breakout.
NASDAQ has finally reached an area I've been watching for weeks. Price is sitting around the previous monthly low, which also overlaps with an unfilled monthly fair value gap.
In plain English, this is a zone where the market left unfinished business during its move higher, and these areas often attract buyers before the broader trend resumes.
If buyers defend this zone, I'll be watching for this week to develop into an Open-Low, High-Close (OLHC) weekly candle. That's an ICT concept where the weekly candle forms its low early in the week before trending higher into the close, often reflecting strong institutional buying throughout the remainder of the week.
Invalidation: A clean break and daily close below the monthly fair value gap would tell me buyers failed to defend this area, and the path toward new highs becomes much less likely.
This is a higher-timeframe idea, so I'm expecting it to develop over the next one to 3 weeks, not in a single session.
Do you think this pullback is simply a reset before new highs, or is the market showing the first signs of a deeper correction?
Idea-sharing only, not financial advice.
NASDAQ has finally reached an area I've been watching for weeks. Price is sitting around the previous monthly low, which also overlaps with an unfilled monthly fair value gap.
In plain English, this is a zone where the market left unfinished business during its move higher, and these areas often attract buyers before the broader trend resumes.
If buyers defend this zone, I'll be watching for this week to develop into an Open-Low, High-Close (OLHC) weekly candle. That's an ICT concept where the weekly candle forms its low early in the week before trending higher into the close, often reflecting strong institutional buying throughout the remainder of the week.
Invalidation: A clean break and daily close below the monthly fair value gap would tell me buyers failed to defend this area, and the path toward new highs becomes much less likely.
This is a higher-timeframe idea, so I'm expecting it to develop over the next one to 3 weeks, not in a single session.
Do you think this pullback is simply a reset before new highs, or is the market showing the first signs of a deeper correction?
Idea-sharing only, not financial advice.
Trade closed: target reached
Absolutely nailed this move. We now tapped into our higher time frame support area - I am expecting a rejection next week after a previous weekly low sweep. I will then find longs till new ATH as structure develop
Very well done if you took it!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.