Nasdaq Intraday Review - Monday 15 July 2024
I trade Nasdaq exclusively
Trading in GMT time zone
Sharing my post day review and analysis in case it can help you!
Did my analysis at +- 6am GMT (1am EST)
Economic news - None
News - None
Directional bias - BUY
During analysis noted the following:
M - Month candle is still in formation but very bullish, but at time of writing, the wick is 3'500 pips and the body is 8'500 pips. So still a very bullish candle indicating bullish sentiment
W - Last week's candle closed as a doji candle - could indicate that bulls are losing momentum
D - Massive gap up of 425 pips. Friday's candle closed as an inverted hammer candle (this is a bearish candle).
4H - Bears pushed down on Friday after candles touched the 0.618 Sell fib level. Doji candle possibly indicating that down trend is over.
1H - Strange looking DB (it kinda threw me off) but neckline broken upwards. I made the assumption that the DB marked in blue lines on the 1H TF was indeed a DB. I don't know if in theory it would be classified as such, but price gaped up significantly at C. and so although there is no green candle indicating price moved up, price gapped up and I took it as a DB.
Entered a buy at the hand icon - Confirmations:
1. Fib - price made a large DB just above the 4H - 0.50 fib level + pivot point
2. S&R - Pivot point was acting as a strong support with long candle wicks sticking out the bottom (on the 1H TF). Entered a buy when I was convinced on the 5min TF that the 4H EMA would not push price down and that price was able to successfully break & re-test the 4H EMA area.
3. Trend - buy is in the same direction as the overall bullish trend of Nasdaq. I keep my bias as a buy until a reversal pattern appears at least on the D TF.
4. Candlesticks - a doji candle appeared on the 1H TF at D. indicating that sellers may be losing momentum. Also the long wick sticking out of the pivot point indicate that sellers pushed down hard but bears were able to hold this area strong
5. Market pattern - DB with neckline broken upwards, as marked with the blue lines. You can also see a nice little re-test of the neckline at E.
Mental stop was place at the thick pink line, which was the 4H - 0.318 buy fib level. If candles started closing below the fib level then my buy would be invalidated.
Price action was pretty choppy and price came close to my SL area but as market opened, bulls stepped in and boosted price.
I was hoping for a sweet TP 1 at the green TP1 line, but the 4H - 0.618 fib level was too strong.
I closed half my position at the arrow icon, when bears pushed down hard and bulls were unable to keep price above the 4H - 0.618 sell fib, I knew there was trouble. I decided to be aggressive with the remaining half of my position and was hoping that price would not retrace all the way to my entry before hitting TP1.
It was aggressive, because for me last week's doji candle means that I need to take profit on my buys because it could be that bears step in at any moment.
But alas, no TP1 for me today! And I was out at entry on my other half position.
So only bagged about a 1'000 pips profit on half a position.
Hope you had a good trading day! :)
Abbreviations:
TF = timeframe
TP = take profit
1H = 1 hour
4H = 4 hour
D = day
W = week
M = month
S&R = support & resistance
EMA = exponential moving average
SL = stop loss
Trading in GMT time zone
Sharing my post day review and analysis in case it can help you!
Did my analysis at +- 6am GMT (1am EST)
Economic news - None
News - None
Directional bias - BUY
During analysis noted the following:
M - Month candle is still in formation but very bullish, but at time of writing, the wick is 3'500 pips and the body is 8'500 pips. So still a very bullish candle indicating bullish sentiment
W - Last week's candle closed as a doji candle - could indicate that bulls are losing momentum
D - Massive gap up of 425 pips. Friday's candle closed as an inverted hammer candle (this is a bearish candle).
4H - Bears pushed down on Friday after candles touched the 0.618 Sell fib level. Doji candle possibly indicating that down trend is over.
1H - Strange looking DB (it kinda threw me off) but neckline broken upwards. I made the assumption that the DB marked in blue lines on the 1H TF was indeed a DB. I don't know if in theory it would be classified as such, but price gaped up significantly at C. and so although there is no green candle indicating price moved up, price gapped up and I took it as a DB.
Entered a buy at the hand icon - Confirmations:
1. Fib - price made a large DB just above the 4H - 0.50 fib level + pivot point
2. S&R - Pivot point was acting as a strong support with long candle wicks sticking out the bottom (on the 1H TF). Entered a buy when I was convinced on the 5min TF that the 4H EMA would not push price down and that price was able to successfully break & re-test the 4H EMA area.
3. Trend - buy is in the same direction as the overall bullish trend of Nasdaq. I keep my bias as a buy until a reversal pattern appears at least on the D TF.
4. Candlesticks - a doji candle appeared on the 1H TF at D. indicating that sellers may be losing momentum. Also the long wick sticking out of the pivot point indicate that sellers pushed down hard but bears were able to hold this area strong
5. Market pattern - DB with neckline broken upwards, as marked with the blue lines. You can also see a nice little re-test of the neckline at E.
Mental stop was place at the thick pink line, which was the 4H - 0.318 buy fib level. If candles started closing below the fib level then my buy would be invalidated.
Price action was pretty choppy and price came close to my SL area but as market opened, bulls stepped in and boosted price.
I was hoping for a sweet TP 1 at the green TP1 line, but the 4H - 0.618 fib level was too strong.
I closed half my position at the arrow icon, when bears pushed down hard and bulls were unable to keep price above the 4H - 0.618 sell fib, I knew there was trouble. I decided to be aggressive with the remaining half of my position and was hoping that price would not retrace all the way to my entry before hitting TP1.
It was aggressive, because for me last week's doji candle means that I need to take profit on my buys because it could be that bears step in at any moment.
But alas, no TP1 for me today! And I was out at entry on my other half position.
So only bagged about a 1'000 pips profit on half a position.
Hope you had a good trading day! :)
Abbreviations:
TF = timeframe
TP = take profit
1H = 1 hour
4H = 4 hour
D = day
W = week
M = month
S&R = support & resistance
EMA = exponential moving average
SL = stop loss
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.