Nasdaq Intraday Review - Monday 8 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 (because an overall trend is like the current of a fast flowing river, if you go against the fast flowing waters, you will go a shorter distance than you may expect. If you go with the current, you will go further than you may initially expect)
During analysis noted the following:
M TF - Bullish
W TF - price stalled at the 19'737 zone (with a shooting star and doji candle formations) but then price pushed higher
D TF - bullish with Friday Day candle closing with a strong momentum bull candle
Noted an area of interest:
Area of confluence highlighted in green is where D pivot + 4H 0.382 exactly align (as at morning analysis when fib was drawn from swing low at A. to swing high at B.)
Set a buy limit to enter a full buy position at this level.
As the morning progressed a descending triangle pattern formed, marked in blue lines
Entered a buy at the hand icon on the 30min TF (even though I thought that market may retrace to my area of interest, Nasdaq gave the clear sign that it was ready to move up).
Confirmations:
Market pattern - Descending triangle patterns usually break down but can break in either direction. In this case the pattern was broken upwards as the bullish support level (bottom horizontal line of triangle) held strong. I entered a buy when the 30min candle closed on the 30min TF. I waited for this candle close because I wanted to be sure that price could break the 1H S&R zone marked in the light blue highlight.
Also a DB had formed and neckline broken upwards on the 30min TF and temporary down trend line was broken - marked with orange lines
S&R - 1H S&R level was broken
Trend - buy is in the same direction as the overall trend and the temporary down trend line in blue had been broken too
Fib - none
Mental stop loss was placed at the pink thick line, which is half the height of the DB formation
Price moved 580 pips from my position.
I secured when price had moved 250 pips from my entry.
When market opened (US session) there was a tug of war between bears and bulls.
Price came down to my entry twice at C. - I removed my stop loss both times (the first two candle wicks at C.) because I wanted to see how price would react to the 30min EMA.
On the third wick down at C. I was out at entry because I did not feel confident as to the direction of market on the third bearish push down.
Decided I will enter again if price comes down to the pivot point and my area of interest.
If not, and if price moves up from here, then I will let my runner from Friday take advantage of the upward move.
Ultimately price moved 890 pips from my entry but I did not gain from this move because I was out at entry at C.
At least my runner took advantage of the buy and I live to trade another day.
What could I have done differently / better?
Looking at the price action now, I don't see a re-entry point that I would have been happy and confident with.
So ultimately, I am happy with the risk I took to watch price action at the 30 min EMA twice in a row by removing my stop loss (not something I usually do).
But I have no regrets to being out at entry, because it could have gone the other way today. So I took a risk and then protected my capital.
A good day on Nasdaq is a small loss, being out at entry or a win.
So I guess it was a good day! ;)
Hope you profited from this buy!
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 (because an overall trend is like the current of a fast flowing river, if you go against the fast flowing waters, you will go a shorter distance than you may expect. If you go with the current, you will go further than you may initially expect)
During analysis noted the following:
M TF - Bullish
W TF - price stalled at the 19'737 zone (with a shooting star and doji candle formations) but then price pushed higher
D TF - bullish with Friday Day candle closing with a strong momentum bull candle
Noted an area of interest:
Area of confluence highlighted in green is where D pivot + 4H 0.382 exactly align (as at morning analysis when fib was drawn from swing low at A. to swing high at B.)
Set a buy limit to enter a full buy position at this level.
As the morning progressed a descending triangle pattern formed, marked in blue lines
Entered a buy at the hand icon on the 30min TF (even though I thought that market may retrace to my area of interest, Nasdaq gave the clear sign that it was ready to move up).
Confirmations:
Market pattern - Descending triangle patterns usually break down but can break in either direction. In this case the pattern was broken upwards as the bullish support level (bottom horizontal line of triangle) held strong. I entered a buy when the 30min candle closed on the 30min TF. I waited for this candle close because I wanted to be sure that price could break the 1H S&R zone marked in the light blue highlight.
Also a DB had formed and neckline broken upwards on the 30min TF and temporary down trend line was broken - marked with orange lines
S&R - 1H S&R level was broken
Trend - buy is in the same direction as the overall trend and the temporary down trend line in blue had been broken too
Fib - none
Mental stop loss was placed at the pink thick line, which is half the height of the DB formation
Price moved 580 pips from my position.
I secured when price had moved 250 pips from my entry.
When market opened (US session) there was a tug of war between bears and bulls.
Price came down to my entry twice at C. - I removed my stop loss both times (the first two candle wicks at C.) because I wanted to see how price would react to the 30min EMA.
On the third wick down at C. I was out at entry because I did not feel confident as to the direction of market on the third bearish push down.
Decided I will enter again if price comes down to the pivot point and my area of interest.
If not, and if price moves up from here, then I will let my runner from Friday take advantage of the upward move.
Ultimately price moved 890 pips from my entry but I did not gain from this move because I was out at entry at C.
At least my runner took advantage of the buy and I live to trade another day.
What could I have done differently / better?
Looking at the price action now, I don't see a re-entry point that I would have been happy and confident with.
So ultimately, I am happy with the risk I took to watch price action at the 30 min EMA twice in a row by removing my stop loss (not something I usually do).
But I have no regrets to being out at entry, because it could have gone the other way today. So I took a risk and then protected my capital.
A good day on Nasdaq is a small loss, being out at entry or a win.
So I guess it was a good day! ;)
Hope you profited from this buy!
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
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