NASDAQ (NSX100) - BUY - 26th March 2021




NASDAQ (NSX100) - BUY - 26th March 2021 (Closed)


Good afternoon team,

We may take another look at the USDCAD, another position just taken with a couple of pips to spare. Markets look like they are turning bullish after a corrective period over the middle of the week.

With that in mind, we are taking a look at the NASDAQ as there is a nice inverted head and shoulders formation potentially in play.

NASDAQ 4 Hour Charts

The recent correction appears to be corrective as the structures are overlapping, very similar looking to the corrections that occurred previously.

NASDAQ 4 Hour Charts

The market has created a long wick down beneath the shoulder line, which would have taken a lot of retail traders out of the market. We will use that level as our SL zone.

This position will be a swing trade, and we will be looking to hold over the coming week.

Trade Setup: BUY Market execution, current price 12,885 (on Focus markets), stop loss set at 12,635 and take profit left open to run. 

Stop loss: 250 pips

Take profit: OPEN

We are placing this position as we believe the market will look to set up a new record high before an even larger correction. 

Please take into consideration the leverage changes that are taking place next week. IF you are yet to set up your “PRO” account please book in a call to discuss.

Trade Setup
BUY - Market Execution

Entry
12,885

Take Profit
OPEN

Stop Loss
12,635