NQ Channel 7/15/2020
NQ at the 4 hour view. NQ is still in a channel. Liquidity is rising, so I had to mute out the lowest channel and move my buy zone up a little.
Tech is pulling back due to 1) big tech is running out of shorts to cover/eat and 2) investors are looking for non-tech stocks that have better value to them.
NQ needed a pullback big time. The VXN and P/C Ratio indicate a buying climax at the NQ. Going long at the top of the channel has proven to be a bad idea.
That's why I wait at major supports to long from. I may be too patient, but capital preservation and risk management is half the battle in trading.
Tech is pulling back due to 1) big tech is running out of shorts to cover/eat and 2) investors are looking for non-tech stocks that have better value to them.
NQ needed a pullback big time. The VXN and P/C Ratio indicate a buying climax at the NQ. Going long at the top of the channel has proven to be a bad idea.
That's why I wait at major supports to long from. I may be too patient, but capital preservation and risk management is half the battle in trading.
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