Tuesday, January 25, 2011

My Wednesday's Trade Guideline

Nasdaq (NQ) on Tuesday spent almost the entire day consolidating the prior day uptrend. With an end of day breakout to the upside, I am looking for the late day breakout to continue up on Wednesday as long as it can stay above the FT Pivot Level of  2295.

If so, on the 30-minute chart, my upside target is 2317 (1:1) to 2338 (1.618) of first up leg.
bullish_continuation
FOMC decision will be announced at 14:14 NY, so we can expect some choppy action ahead of the decision.
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