Nasdaq Intraday Review - Friday 1 March 2024
I trade Nasdaq intraday exclusively
Trading in GMT time zone
Sharing my post day review and analysis in case it can help you!
Did my analysis at +- 6:30am GMT (1:30 EST)
During analysis noted the following:
The February month candle closed as a green momentum candle, indicating a very bullish market, despite being at all-time highs and despite the worries around inflation / Feb rate cuts
On the D TF, a beautiful DT had formed in the past few days, broken the neckline down and then price completed the pattern perfectly by moving down the same distance as the height of the market pattern
The area at the pumpkin was an area of confluence because:
It was the profit target of the DT (same distance as the height of the DT)
It was the D 0,382 fib level, as well as coinciding with the W 0,382 fib level
Generally, after reaching the profit target of a market pattern, price will reverse to test the neckline
I like to be part of a re-test that is in the same direction as the overall trend (in this case bullish)
From the pumpkin, price re-tested the neckline and with the help of inflation data news on 29 Feb (PCE and initial jobless claims), price broke through the neckline and continued upwards
Meaning that the bullish trend CONTINUES!!
Interesting to see how price came back down to test the temporary downtrend line marked in red. It was a deep retest of 830 pips by bears (pushing down till A.), but on 1H TF, you can see how bulls pushed back up and managed to close the candle at A. above the temp downtrend line
So looking exclusively for a buy - the trend is your friend!
At time of my analysis, price has reached TP1 (roughly at the pink horizontal line) of the move yesterday
This means that market may retrace at this point, so I need to wait patiently for a convincing break of this area before buying, or alternatively, wait for the retracement before jumping in.
Yellow highlighted area = area of good confluence:
4H EMA was in this zone at time of analysis
4H 0.618 fib level - a strong fib level (Fib drawn from swing low at A. to swing high at B.)
Daily pivot point
I set my Buy Limits in this zone for a big position size, due to strong confirmations
Entered a buy at C. - Confirmations:
Market seemed to have convincingly broken above the TP1 level (on 30min TF) and seemed to want to move directly to TP2
I don’t like buying at the very peak of price, so I entered a very small buy
Ultimately price reversed and this position was in draw down
I closed at entry as soon as price moved back up
I was waiting for price to reach my yellow buy zone, but it never did.
Price dipped to touch the 4H 0,50 fib level, and a DB appeared on the 15 min TF
This indicated that price was ready to move up and would not reach my buy zone
I entered a buy at D - Confirmations:
Fib - price had touched the 4H 0,50 level and moved up
Trend - entering a buy meant I was trading in the same direction as overall trend
Market Pattern - DB formed on 15min TF at 4H 0,382 fib level
Candle sticks - The red 1H candle at D. closed with a long wick touching the 0.50 fib level and closing above the 0,382 fib level
I entered at half my total planned buy position in case market still moved down into my yellow buy zone and at the moment of entering a buy at D., I cancelled half of my buy limits as I had entered these positions higher at D.
Ultimately market moved up 3000 pips and I took partial profit at TP 1 and closed above TP2.
What could I have done differently?
I am happy with my D position
I should not have entered my position at C as there was not enough confirmations - I was lucky to be able to close at entry
Hope you had a great trading day!
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
DT = Double Top
DB = Double Bottom
Trading in GMT time zone
Sharing my post day review and analysis in case it can help you!
Did my analysis at +- 6:30am GMT (1:30 EST)
During analysis noted the following:
The February month candle closed as a green momentum candle, indicating a very bullish market, despite being at all-time highs and despite the worries around inflation / Feb rate cuts
On the D TF, a beautiful DT had formed in the past few days, broken the neckline down and then price completed the pattern perfectly by moving down the same distance as the height of the market pattern
The area at the pumpkin was an area of confluence because:
It was the profit target of the DT (same distance as the height of the DT)
It was the D 0,382 fib level, as well as coinciding with the W 0,382 fib level
Generally, after reaching the profit target of a market pattern, price will reverse to test the neckline
I like to be part of a re-test that is in the same direction as the overall trend (in this case bullish)
From the pumpkin, price re-tested the neckline and with the help of inflation data news on 29 Feb (PCE and initial jobless claims), price broke through the neckline and continued upwards
Meaning that the bullish trend CONTINUES!!
Interesting to see how price came back down to test the temporary downtrend line marked in red. It was a deep retest of 830 pips by bears (pushing down till A.), but on 1H TF, you can see how bulls pushed back up and managed to close the candle at A. above the temp downtrend line
So looking exclusively for a buy - the trend is your friend!
At time of my analysis, price has reached TP1 (roughly at the pink horizontal line) of the move yesterday
This means that market may retrace at this point, so I need to wait patiently for a convincing break of this area before buying, or alternatively, wait for the retracement before jumping in.
Yellow highlighted area = area of good confluence:
4H EMA was in this zone at time of analysis
4H 0.618 fib level - a strong fib level (Fib drawn from swing low at A. to swing high at B.)
Daily pivot point
I set my Buy Limits in this zone for a big position size, due to strong confirmations
Entered a buy at C. - Confirmations:
Market seemed to have convincingly broken above the TP1 level (on 30min TF) and seemed to want to move directly to TP2
I don’t like buying at the very peak of price, so I entered a very small buy
Ultimately price reversed and this position was in draw down
I closed at entry as soon as price moved back up
I was waiting for price to reach my yellow buy zone, but it never did.
Price dipped to touch the 4H 0,50 fib level, and a DB appeared on the 15 min TF
This indicated that price was ready to move up and would not reach my buy zone
I entered a buy at D - Confirmations:
Fib - price had touched the 4H 0,50 level and moved up
Trend - entering a buy meant I was trading in the same direction as overall trend
Market Pattern - DB formed on 15min TF at 4H 0,382 fib level
Candle sticks - The red 1H candle at D. closed with a long wick touching the 0.50 fib level and closing above the 0,382 fib level
I entered at half my total planned buy position in case market still moved down into my yellow buy zone and at the moment of entering a buy at D., I cancelled half of my buy limits as I had entered these positions higher at D.
Ultimately market moved up 3000 pips and I took partial profit at TP 1 and closed above TP2.
What could I have done differently?
I am happy with my D position
I should not have entered my position at C as there was not enough confirmations - I was lucky to be able to close at entry
Hope you had a great trading day!
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
DT = Double Top
DB = Double Bottom
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