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AWN low inside the PP boxes can be good support. Twice this week we tested and then rallied off of it. We have rallied to the AWN high, expect some resistance there. Tomorrow it could be support higher, or it could force us to trade back into the range.
On the month we are in a rally mode, we have traded above the AMN high for the last two weeks. Looking for Last Month's high as a potential target.
Aye aye, a little too rippy there eod as buy stops kicked in and pushed NQ above the wedge that traded from 14:00 on...25.50 above 20 ema is nosebleed. Like to take it short to then catch a buy off this lower trendline
I was watching the NQ and could see via an indicator I use that "they" were putting the brakes on the Short Squeeze the last 40 mins or so of the trading day. The big boys already know what the earnings report are going to say, just like they know what the FED will say.
:
They kept the parking brake set while revving the engine until 1:00 pm PST closing time, and because most retail traders are not likely to hold a position past 1:00 pm, they exit their long or short position. That is when they release the brake and brutalize the remaining shorts that stayed in.
You need to have a firm grasp of market wave structure. You aren't going to see this on a minute chart.
You also need to be willing to hold past the close and place a bracketed order at the break out points, either up or down. It is always a risk to enter this type of trade and you need to be able to stomach a pretty large stop if you are wrong. In this case you would have needed a 15-20 pt stop on either side. That would go to even pretty quick, but ...you never know.