Long MNQs from 12890

٢٨ يناير ٢٠٢١

I am not in the habit of publishing trades after having already entered them, but today's (1/27) action on the NQ was too fast and furious to post charts during trading. However, I did post this chart in the Stocks & Indexes chat room several times when the NQ was trading in the 13100s, attempting to alert others to the dashed trendline, and also to the fact that the QQQs had a gap below. Several traders saw that we were close to a low and started buying NQ, RUT, and ES about 30 mins before the bell, but I felt like the gap would close and the dashed trendline would be tested before a final low was established.

I had some MNQ buy orders placed below the dashed trendline prior to AAPL earnings and got filled at an average price of 12890. I am trying to hold for at least a 50% retrace to the 2021 highs, which would be a minimum target of around 13300. The dashed trendline represents the uptrend line from the low put in around October 29th. You can see that the market rallied each time it was tested (up green arrows). The sideways arrow is my entry near the bottom of the wick.

If the NQ breaks the most recent swing low, then the next most obvious support comes at the solid black uptrend line from Mar 2020 lows.