High Probability Long Entry on Google (GOOG)
I’ve been watching Google (GOOG) and Apple (AAPL) for potential clues to where the Nasdaq 100 (NDX) may be heading. About a week ago I saw Google front run the NDX and start to head down. From Friday’s close and this morning’s lower futures it looks like Google is heading for the reversal zone (that area on the Fibonacci retracements between 50% and 61.8%.
More aggresive traders will enter immediately at the 50% mark. For me, I’m willing to miss a little bit of the upswing and will wait for confirmation. A good way to do that is to drop down a time phase (from daily bars to hourly bars) and wait for a breakout or cross in the exponential moving averages (8 EMA moving above the 21 EMA).
Stay on your feet and hold to your stops. Summer time can be pretty squirelly!
Mojo
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Mojo