Nasdaq technical analysis for 25 Aug

• The following Nasdaq technical analysis shows my slightly bullish bias, and a Long trade, with its stop loss and take profit target
• It seems to me that Nasdaq futures is eyeing the 13000 round number again, where partial profit can be taken on the Long trade
• My stop is far and well below the recent lows. If price gets there, I should be out.
• The reward vs risk here is low, only 1. And partial profit taking at the 13000, if it gets there, would make it even lower than 1. But the probability to get to at least 13000 is high at this stage, so it is a very legitimate trade to take. If reached, one could adjust the trade to move up the stop loss, even to the point of the entry. When price magnets are close and there is a high chance we get there, it is an intersting spot to consider a quick trade, even if the reward vs risk is not high, at the first part of the trade. The 2nd part of the trade can be restructured to get more interesting, while a trader as equipped herself or himself with some “backup”: initial profit on the trade, thanks to the 1st part.
• There is a clear bull flag here, as shown in the technical analysis video. This means that the upside potential is still very attractive, unless that flag fails. Still, it it does fail and price re-enters the channel, then the stop could be set even closer to what I show below, making the potential upside much greater than the closer stop, at this place in the technical setup.
• In summary, slightly bullish and a good enough spot to start scaling in a Long position, even if the market is waiting for the Fed at Jackson Hole. Algos trading technically do not know what the Fed is, and I see a trade here.

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