High-Probability Large-Profit Trading Strategies for trading stocks, etf, forex, futures, options, commodities, etc.
Monday, March 21, 2011
Trade Guideline for Tuesday (NQ)
As indicated in my trade guideline for Monday, the 60-minute chart pullback mode was triggered with a large gap-up open above key resistance level of 2250 on Monday.
However, after an initial burst of short-covering rally in the morning, NQ then spent the rest of Monday's afternoon consolidating the morning uptrend.
For Tuesday, 2245-2250 will be my key Line-in-the-Sand Zone for establishing bias.
Staying above that zone implies the next upleg should rocket up to 2290, and if that breaks, the next higher target is 2300-2305.
Breaking below the 2245-2250 zone implies a potential decline down to 2335, then if that breaks, a further decline down to 2215-2220 area.
Note: Always watch out for Whipsaw market conditions
Over 20 years experience in trading the Stock and Financial Markets, Graduated in Economics.
Specialized in Investment Banking, International Financial Markets and Trading.
Mentor and Trading Instructor for over 15 Years