Well.. I have one of those Seasonal colds. So I have been a little cautious in my trades. Going over the charts this afternoon the question comes up 'Which way now?' Good question because it seems that we are an an important juncture.
Not looking to build a post that can be seen from outerspace… so let's look at the charts.
Ok.. this chart shows a 'Wedge','Upsloped Channels' and for me the Andrews forks. What makes this intesting is that the price bar is now higher than the Andrews channel. Just one bar… well… it's how it begins.
Below is a chart of the $NASI from Stockcharts.com Breadth seems to give the impression that we are now in the "BUY" mode… perhaps. My take is that we wiggle about a bit here… looking very toppy but not breaking down… then …. moving up.
Right now I will be using this sort of chart for my QQQ trades in the 5 min time frame.
To aid in longer inter day time frame analysis… I will include a QQQ 60 min chart. So in ending when I see that Break down… I will be trading in that direction. If it breaks higher then we trade long.
Good luck and good trading
Cool_Beans
