Nasdaq Intraday Review - Friday 5 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 +- 13h00 GMT
Economic news - NFP @ 13H30
Directional bias - BUY (overall trend on Nas is bullish - "The trend is your friend")
During analysis noted the following:
Usually don't like trading in the morning before NFP (because often market is just consolidating) - so did my analysis just before the news came out.
I am still figuring out my personal method of trading NFP, but I lean towards trading with the trend and trying to get in on a spike down.
Price was at about the arrow when I did my analysis.
I noted a DT had formed on the 1H TF - neckline and profit target marked with green lines. Profit target = same height as the market pattern.
Also noted that if price dips from where it was at the arrow, then a DT would be formed on the 4H TF - neckline and profit target marked with purple lines.
At the time of analysis, the 4H EMA was right at the profit target of the purple DT.
I have noticed that even during news, very strong areas of confluence can still cause price to bounce (sometimes enough to be able to secure at entry after price has moved 250 pips from entry).
So because I felt that market is still chasing that orange profit target, from the huge orange consolidation triangle, I felt convinced of my directional bias.
I had two strong areas of interest:
Area 1:
Profit target of purple DT + 4H EMA + Strong S&R (previous swing high on 4H TF) + 4H 0.382 fib zone (Fib drawn from swing low at A. to swing high at B.)
So at this area, you would get pattern traders possibly entering, EMA traders possibly entering, fib traders possibly entering and S&R traders
Area 2:
4H 0.50 fib level + D 0.382 fib level + strong support on 4H TF.
So I set buy orders for quite big positions at these areas.
It's risky because NFP can be so incredibly volatile and can just smash so far down that you can bust your account.
Area 1 was 1'400 pips from where price was at the arrow and area 2 was 2'500 pips from where price was.
So be sure your account can handle your buy orders if a large draw down occurs.
Because these 2 area's were so far down, I felt I had to set a buy order somewhere higher.
I identified Area 3:
Profit target of 1H DT + 1H 0.50 fib + 1H EMA + somewhat of a S&R zone on 1H TF.
But because this was so close to where price was, I set a buy order for a much smaller position.
NFP news came out, and my Area 3 buy order triggered.
Had a draw down of about 278 pips and price touched the Daily pivot and reversed (I find it so interesting how price can spike down to a very specific point and then reverse on the spot and fly).
Clearly, many traders had set buy orders at this level.
Price skyrocketed and I feel it is chasing that orange profit target level.
Ultimately price moved 2'200 pips from my position.
My profit target is at the orange profit target line end and I am still in the game (didn't close as yet).
Patience paid off and I am happy to end a relatively quiet week of missed trades (because of work deadlines) with a BANG!!!
Hope you caught this awesome buy and made nice money!
Have a great weekend!
Monday we trade again! :)
Trading in GMT time zone
Sharing my post day review and analysis in case it can help you!
Did my analysis at +- 13h00 GMT
Economic news - NFP @ 13H30
Directional bias - BUY (overall trend on Nas is bullish - "The trend is your friend")
During analysis noted the following:
Usually don't like trading in the morning before NFP (because often market is just consolidating) - so did my analysis just before the news came out.
I am still figuring out my personal method of trading NFP, but I lean towards trading with the trend and trying to get in on a spike down.
Price was at about the arrow when I did my analysis.
I noted a DT had formed on the 1H TF - neckline and profit target marked with green lines. Profit target = same height as the market pattern.
Also noted that if price dips from where it was at the arrow, then a DT would be formed on the 4H TF - neckline and profit target marked with purple lines.
At the time of analysis, the 4H EMA was right at the profit target of the purple DT.
I have noticed that even during news, very strong areas of confluence can still cause price to bounce (sometimes enough to be able to secure at entry after price has moved 250 pips from entry).
So because I felt that market is still chasing that orange profit target, from the huge orange consolidation triangle, I felt convinced of my directional bias.
I had two strong areas of interest:
Area 1:
Profit target of purple DT + 4H EMA + Strong S&R (previous swing high on 4H TF) + 4H 0.382 fib zone (Fib drawn from swing low at A. to swing high at B.)
So at this area, you would get pattern traders possibly entering, EMA traders possibly entering, fib traders possibly entering and S&R traders
Area 2:
4H 0.50 fib level + D 0.382 fib level + strong support on 4H TF.
So I set buy orders for quite big positions at these areas.
It's risky because NFP can be so incredibly volatile and can just smash so far down that you can bust your account.
Area 1 was 1'400 pips from where price was at the arrow and area 2 was 2'500 pips from where price was.
So be sure your account can handle your buy orders if a large draw down occurs.
Because these 2 area's were so far down, I felt I had to set a buy order somewhere higher.
I identified Area 3:
Profit target of 1H DT + 1H 0.50 fib + 1H EMA + somewhat of a S&R zone on 1H TF.
But because this was so close to where price was, I set a buy order for a much smaller position.
NFP news came out, and my Area 3 buy order triggered.
Had a draw down of about 278 pips and price touched the Daily pivot and reversed (I find it so interesting how price can spike down to a very specific point and then reverse on the spot and fly).
Clearly, many traders had set buy orders at this level.
Price skyrocketed and I feel it is chasing that orange profit target level.
Ultimately price moved 2'200 pips from my position.
My profit target is at the orange profit target line end and I am still in the game (didn't close as yet).
Patience paid off and I am happy to end a relatively quiet week of missed trades (because of work deadlines) with a BANG!!!
Hope you caught this awesome buy and made nice money!
Have a great weekend!
Monday we trade again! :)
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