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Good morning, Traders! We had a significant selloff in the market yesterday, as investors have new concerns about the coronavirus. But one key question we need to ask ourselves is: will the current selloff be a short-term or long-term move?
Well, based on my data, the Nasdaq 100 (NQ) is still in a long-term upward trend, with a short-term selloff unfolding. Once the market rebounds, we're looking at a +6,000 tick opportunity!
Understanding these sorts of market movements is the most important thing for a trader outside of risk management. Right now, new traders are worried about the current slump. But as you'll see in our timeframe analysis, we're still set to make money in the futures market!
As we watch these sudden movements develop, it's important to remember that our goal is to buy low right after a selloff with the intent of selling at a higher price when the market rebounds. That's how we make money in futures trading.
To better understand why following market trends is so important, check out this article I wrote. It will help you as you build your trading plan!
Now let's jump into the timeframe analysis of the NQ so we can see the best way to make profitable trades in the current market: The long-term direction for the NQ is still up, despite yesterday's selloff. The market is still making higher highs and higher lows over the long run. Many new traders see dips in the market and suddenly fear that they're seeing a crash or correction. But remember that the market trades in waves. Sometimes the selloffs are moderate. Other times, they can be pretty steep. But we have to take into consideration the long-term direction of the market.  The long-term direction is up for the NQ
 The short-term direction of the market is down for the NQ right now
 We're waiting for the NQ selloff to bottom out and U-turn back bullish
 The long-term direction for the NQ is still up, despite the recent selloff in the broader market One thing that can help you follow the current developments in the futures market is understanding how future market price prediction actually works. I made a video that explains it all, and you can check it out right here.
Now, our best course of action is to watch for a daily low price within the daily timeframe and look to the one-hour in preparation for a U-turn back bullish. When the market breaks that down trendline (diagonal grey line in the middle of the channel in the above chart), we know it's time to watch for the new bullish push.
The one-hour timeframe will be critical to getting this trade right. If all goes well, we're looking at +6,000 ticks of profit-making opportunity. As the price falls, we'll watch for the market to bottom out and U-turn back upward. As the market does that and pushes through the counter trendline, that's our signal to get ready to buy!  We'll watch for a U-turn and prepare our entry strategy once the market heads bullish in the buy zone Remember that we buy at low prices within the buy zone and ride the market back to a new high price. It sounds simple because it is. That's the fundamental truth behind making money in futures.
But before you jump into the NQ when it turns around, you'll need to know how to enter the market on a counter trendline break. Read this article if you want to get this trade right! Things may seem down right now, but our timeframe analysis says that the overall trend for the NQ is still up! We'll watch our charts and wait for the price to bottom out and reverse back toward the top. And with my strategy in place, we stand to make a money-making trade with a possible +6,000 tick movement. But this strategy only works if you use it. There's no money to be made sitting on the sidelines. The NQ's overall direction is up. We just have to wait out the selloff So what are you waiting for? Dump the excuses and get started now! Follow along as I reveal the crucial aspects of my trading strategy that will allow you to become a profitable futures trader! Keep On Trading,  It's not the market. It's not your indicator. It's you. Own it. 'Oh that one was a mistake'…. and then there's 'I had the settings on my indicator wrong'... or our personal favorite: 'I was trying an experiment'... Like a 7th grade English teacher, after a while you hear them all. The number one thing we look for when working with a new trader? Accountability. Own where you're at with your trading. Embrace the failures and the setbacks. Stare them in the face with an unflinching honesty. Only then will you conquer and advance to consistent profitability. 
Stay tuned for my next edition of Josh's Daily Direction.
And if you know someone who'd love to make this a part of their morning routine, send them over to https://joshsdailydirection.com/ to get signed up!
There is a very high degree of risk involved in trading.
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