'Trading is a process of observing the market's action until such a time you can find and form trading ideas and get involved.'**

Sunday, April 15, 2012

NQ Trade Setup

Showing some trade setups that were conducted last Friday's trading session.

The entry was at the lower arrow and the exit was at the upper arrow.

Nice breakout from the entry but was short lived.

After that it stays sideways most of the day until it drops late in the close.

The reason for the entry trade is the formation of the two big green bar from the bottom.

Notice that they are almost flat from the low of the day and by reading the price action, you can  put an entry for a long trade.

It formed a failed cup with a handle pattern or a deep saucer pan minus the handle.