Thursday, May 19, 2011

Trade Guideline for Friday (NQ)

Thursday was the third up days in a row, hence there is a good chance Friday would be an up in the morning then close down at the end of the day.

Key will be the opening price action in relation to key price level of 2370.

  • Opening price action above 2370 implies NQ wants to run up in the morning to 2375, 2385 or 2395 before reversing back down near the low.
  • Opening price action below 2370 implies that it may wants to run down in the morning to 2350 or 2335 before reversing back up.