Trading the trend: long Nasdaq 100
Since the recent decline in the Nasdaq 100 looks corrective, we'd like to use it as an opportunity to go long with a stop loss - on a daily chart closing basis only - below Tuesday’s low and an upside target in new record highs.
(AI Video Summary)
Previous New York cotton futures, USD/JPY and CAD trading outcomes
In this week's "Trading the trend" video, Axel Rudolph talks about his recent trades and what he might do in the future. He started by buying New York cotton futures at the end of January and made a big profit. He had a goal of reaching 90 and only planned to sell if it dropped below the previous day's low, which happened on Friday.
Next, he mentiones buying USD/JPY at around ¥147.90 and saw it go up to around ¥150.00. However, he thinks it might be a good idea to get out of this trade now. This is because the Japanese finance minister said something that might affect the value of the Japanese yen, and there might be some changes coming from the US dollar.
He also talked about a trade he made on 14 February, buying Canadian dollar. It's not doing very well right now, but he suggests moving the stop loss level to just below a certain line to protect himself from losing too much money.
This week's trading opportunity
For this week, he suggests buying the NASDAQ 100 before NVIDIA releases its earnings. The NASDAQ share price went down and then back up in a pattern, which could mean it will go up again. He suggests buying and setting a stop loss based on the closing price each day, because he expects some changes from the FOMC.
It's important to remember that trading can be unpredictable and it's a good idea to do some research before making any decisions.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
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