We last reported on the nasdaq (NDXm) price action back in April. In that post we asked whether price was going to break past its higher high or find resistance . Price traded at level 13743.8 .Our higher high was set at level 13902.9 .Which has not been broken since then. However, price has traded in between this level and level 12818.0 where it finds support. In todays post price currently trades below the higher high at level 13699.7 a few pips away from the higher high.
With the higher high in sight could we trade this pair bullishly? Well, our analyst believe that entering now wouldn’t be a wise decision . Reason being we think price might find resistance at its higher high which is a few pips away. Price has failed to break past its higher high 3 times if you look at the daily chart. We wonder whether history could possibly repeat itself when it reaches this level.
Incase the nasdaq (NDXm) price does break past its higher high . Entering bullishly would be a very risky entry .Reason being because we don’t know how far price might travel or whether this is a fake breakout .If we were to enter this trade .A good enough entry would’ve been level 13123.8 which we sent out to our subscribers. An entry at that level puts you on the safer side than entering the near the higher high .
Currently it is clear that price ranges between level 13902.9 and level 12818.0. If price does break the higher high it could be traded bearish possibly up until level 12818.0 where it finds support.
NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read the risk warning before deciding to trade the markets
Based on my observations , the market was trending upward . Now it’s ranging and price can breakaway at either side. So I will need some further confirmations such as chart patterns, candle stick formation. So I will wait for it break and then retest before I enter the market