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Thursday, October 23, 2008

NQ - 102308

I don't have much time, but I wanted to put up today's NQ chart because it was textbook action.

Price opened just below the 50% retracement. It attempted to breakout above that level early this morning, but failed to hold and proceeded to fall back below the 50% retracement. The declined continued to yesterday's low where price chopped around, and then continued to fall to the Fibonacci extension (FE). That proved to be the low of the day and the NQ printed a nice hammer-type bar, reversed, and proceeded to rally. After some chop around yesterday's low, it rallied back to the 50% retracement and closed strong above that level.

There were numerous trade opportunities - I took three solid setups. I will let you study the chart on your own.



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1 comment:

Vishal said...

How do I get those black lines on the NQ chart ? Are they Fib Retracement lines ? Thanks