Saturday, April 1, 2017

Nasdaq (update)

We formed back to back doji's near last week's highs.  If you didn't exit the short position at the scratch price, then I'd hold on with the original stops @ 5533.25.  If you did exit, then I'd consider re-entering below today's doji low of 5421.00.  This would be another sell trigger as prices are still trading within my MM Fade Zone.  If prices move above 5533.00, then this pattern is void.  Doji's can either be the market taking a breather OR signs of a reversal.  The placement of these doji's, in my sell zone and near recent highs, makes it more concerning to long positions.  I'd be cautious of holding any  if we break lower.  It could be the making of a double top pattern.  Let's see how next week shakes out.


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