I trade Nasdaq intraday exclusively
Trading in GMT time zone
Sharing my post day review & analysis in case it can help you :)
Did my analysis +- 5:20am GMT
Looking exclusively for a buy as Nasdaq is overall bullish - "The trend is your friend"
Noted at A. that the market retested the blue downtrend line that it had been respecting - candle closed above trendline and moved up from there. A clear break and retest of the downtrend line.
At time of analysis, the market was consolidating at 1.
Drew my buy fib from swing low at A. to swing high at B.
Noted that 0.383 Fib retracement level aligned with pivot point at 2.
Noted that all EMA's + pivot point were below candles - indicating dynamic support for a push up.
Noted the formation of a double bottom, indicated by the hand and supported by the 1H 20 EMA.
Entered a buy at 1. at the break of the neckline - Confirmations:
- Market pattern - break of neckline of double bottom on 1H TF
- Dynamic support of the 1H 20 EMA
- Close to (230 pips) the shallow retracement level (0.382 fib level) + pivot point - so draw down would be minimal
- Trendline - downtrend broken & retested already
Entered at about 6am GMT
Was planning to enter another position if the market reached 2.
But this was not the case, as from there the market moved up nicely and market open went in my favour.
I took partial profit twice (closed a portion of my position twice), close to TP1 (marked by the purple dots) as I noted some weakness in the candles. This was a strong sell area as Buyer's TP1 had been reached (indicating the buy was possibly over) + the upper line of the Rising Wedge formation on the D TF.
I left a runner (a portion of my position) open with a time stop i.e. I leave it open until the end of the day as Nasdaq can often rally for the whole day.
This turned out to be the case TP2 was reached.
- Ultimately 1000 pips profit at TP1 and +- 2000 pips profit at TP2 for my runner.
- Will leave my runner open for 12 Dec trading and see how that goes.
What could I have done better:
I should have entered my second position after the formation of the green hangman candle (seven candles after 1.). Market pushed below the neckline (long wick down) and closed green above the neckline and EMA. This indicated buyers strength in the market.
Good luck if you are still trading! :)
TF = timeframe
TP = take profit
1H = 1 hour
4H = 4 hour
D = day
W = week
Trading in GMT time zone
Sharing my post day review & analysis in case it can help you :)
Did my analysis +- 5:20am GMT
Looking exclusively for a buy as Nasdaq is overall bullish - "The trend is your friend"
Noted at A. that the market retested the blue downtrend line that it had been respecting - candle closed above trendline and moved up from there. A clear break and retest of the downtrend line.
At time of analysis, the market was consolidating at 1.
Drew my buy fib from swing low at A. to swing high at B.
Noted that 0.383 Fib retracement level aligned with pivot point at 2.
Noted that all EMA's + pivot point were below candles - indicating dynamic support for a push up.
Noted the formation of a double bottom, indicated by the hand and supported by the 1H 20 EMA.
Entered a buy at 1. at the break of the neckline - Confirmations:
- Market pattern - break of neckline of double bottom on 1H TF
- Dynamic support of the 1H 20 EMA
- Close to (230 pips) the shallow retracement level (0.382 fib level) + pivot point - so draw down would be minimal
- Trendline - downtrend broken & retested already
Entered at about 6am GMT
Was planning to enter another position if the market reached 2.
But this was not the case, as from there the market moved up nicely and market open went in my favour.
I took partial profit twice (closed a portion of my position twice), close to TP1 (marked by the purple dots) as I noted some weakness in the candles. This was a strong sell area as Buyer's TP1 had been reached (indicating the buy was possibly over) + the upper line of the Rising Wedge formation on the D TF.
I left a runner (a portion of my position) open with a time stop i.e. I leave it open until the end of the day as Nasdaq can often rally for the whole day.
This turned out to be the case TP2 was reached.
- Ultimately 1000 pips profit at TP1 and +- 2000 pips profit at TP2 for my runner.
- Will leave my runner open for 12 Dec trading and see how that goes.
What could I have done better:
I should have entered my second position after the formation of the green hangman candle (seven candles after 1.). Market pushed below the neckline (long wick down) and closed green above the neckline and EMA. This indicated buyers strength in the market.
Good luck if you are still trading! :)
TF = timeframe
TP = take profit
1H = 1 hour
4H = 4 hour
D = day
W = week
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.
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.