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

Wednesday, August 7, 2013

NQ's 'W' Trade Setup

The market drops hard in the open today only to make a reversal a couple of hours thereafter. It made a 'w' pattern that shows a double support as shown from the 5-min chart below. Timing the reversal and riding the sloping ema's upwards is the best opportunity to make a trade in today's market.