NAS100 Overbought - Profit taking ahead
The indices have been rising for several years now and I think we are not finished yet for the bigger picture to fall.
There could be some nice profit taking which would drive the prices lower even without selling pressure.
If you know how an order book works you know what I mean.
- But on a daily timeframe we covered a lot of ground the last weeks without any major correction.
- The indicators are overbought and sitting in the extremes.
- On the lower timeframe we are also overbought and first signs of a trend change show up.
- We have rising trendlines and the 3. touch of the upper TL already occurred.
- Now we are moving sideways and failed to bounce of the TL.
- I am currently waiting for the retest of the broken TL.
- IF there is any significant price action (e.g. Double bar, engulfing bar, pinbar) I will place a trade with a probably pretty close SL (around 10-20pips)
There could be some nice profit taking which would drive the prices lower even without selling pressure.
If you know how an order book works you know what I mean.
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