Nasdaq Intraday Review - Tuesday 9 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 TF - current month's candle is 9'300 pips strong, indicative of strong bullish momentum
D TF - is bullish with yesterday's candle closing with a very small upper wick
4H TF - price has moved further than orange profit target, but I suspect that bears might start putting pressure on price.
1H TF - formation of a rising wedge market pattern, marked with dark blue lines. These usually break downwards, but can break in either direction. If the rising wedge does break downwards, the subsequent move down will be significant because the wedge pattern itself is large. Profit target is always the same height as the market pattern.
Noted 2 x areas of interest (areas of interest changed throughout the day because fib levels changed as market kept rising + EMA's moving - but ultimately these were my areas of interest for the day):
Area 1:
Pivot Point + 4H 0.618 fib level
Area 2:
Assuming that wedge market pattern has broken downwards and this area is the wedge profit target + 4H EMA + D 0.50 fib level(ish)
In the morning hours, entered a buy at the hand icon - Confirmations:
Market pattern - DB formed on the 15min TF, with a break of the neckline upwards. Entered on the break of the neckline
Trend - Buy is in the same direction as the overall bullish trend + temporary uptrend formed marked by the bottom pink line of the triangle
Candlesticks - the 1H candle close before this 15min DB entry was a doji candle, indicating that sellers may be losing momentum.
S&R - when the market is very bullish then price will respect the 30min EMA. There was a long wick candle down to the 30min EMA indicating that price was reacting to this dynamic support.
Fib - none
Set a mental SL at half the height of the market pattern as indicated by the think pink line.
Entered only half a position because it seemed unlikely that price would really move up from here with out first retracing.
Price moved up and then back down and price action broke my SL area and I closed at 100 pip loss (losing 100 pips is not a big deal in my books)
So waited patiently for my next set up, but was pretty confident in my Area 2, so set a buy limit for this zone for my full position size.
The area at the mushroom is pretty strong area because it is a strong S&R zone on the 4H TF and the D 0.382 fib level.
Price wicked down to this level and then seemed to reverse.
Watching price action carefully, I entered buys when a DB formed on the 5min TF with a break of the neckline upwards - this DB formed right on the 4H 0.618 fib level and the D pivot point.
I entered further buys when a DB formed on the 15min TF and 30 min TF, meaning that price was giving bullish signals on all the lower TF's i.e. timeframe confluence.
Mental stop was always at half the DB for each entered position.
Now currently, my positions are roughly 300 pips up and secured at entry.
I will leave them running till tomorrow and set TP 1 at a re-test of the ascending wedge pattern.
Sell Fib levels are also shown on the 1H TF, so tomorrow I will be watch for a reversal at these points (seems bulls have already pushed past the 0.382 sell fib level)
Hope you had a good day trading!
Catch ya tomorrow!
What could I have done differently / better?
Pretty happy with my performance today, I was patient and waited for market to give me a signal to buy. I also managed risk well by scaling in my buys as confirmation grew stronger and stronger on the various TF's
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 TF - current month's candle is 9'300 pips strong, indicative of strong bullish momentum
D TF - is bullish with yesterday's candle closing with a very small upper wick
4H TF - price has moved further than orange profit target, but I suspect that bears might start putting pressure on price.
1H TF - formation of a rising wedge market pattern, marked with dark blue lines. These usually break downwards, but can break in either direction. If the rising wedge does break downwards, the subsequent move down will be significant because the wedge pattern itself is large. Profit target is always the same height as the market pattern.
Noted 2 x areas of interest (areas of interest changed throughout the day because fib levels changed as market kept rising + EMA's moving - but ultimately these were my areas of interest for the day):
Area 1:
Pivot Point + 4H 0.618 fib level
Area 2:
Assuming that wedge market pattern has broken downwards and this area is the wedge profit target + 4H EMA + D 0.50 fib level(ish)
In the morning hours, entered a buy at the hand icon - Confirmations:
Market pattern - DB formed on the 15min TF, with a break of the neckline upwards. Entered on the break of the neckline
Trend - Buy is in the same direction as the overall bullish trend + temporary uptrend formed marked by the bottom pink line of the triangle
Candlesticks - the 1H candle close before this 15min DB entry was a doji candle, indicating that sellers may be losing momentum.
S&R - when the market is very bullish then price will respect the 30min EMA. There was a long wick candle down to the 30min EMA indicating that price was reacting to this dynamic support.
Fib - none
Set a mental SL at half the height of the market pattern as indicated by the think pink line.
Entered only half a position because it seemed unlikely that price would really move up from here with out first retracing.
Price moved up and then back down and price action broke my SL area and I closed at 100 pip loss (losing 100 pips is not a big deal in my books)
So waited patiently for my next set up, but was pretty confident in my Area 2, so set a buy limit for this zone for my full position size.
The area at the mushroom is pretty strong area because it is a strong S&R zone on the 4H TF and the D 0.382 fib level.
Price wicked down to this level and then seemed to reverse.
Watching price action carefully, I entered buys when a DB formed on the 5min TF with a break of the neckline upwards - this DB formed right on the 4H 0.618 fib level and the D pivot point.
I entered further buys when a DB formed on the 15min TF and 30 min TF, meaning that price was giving bullish signals on all the lower TF's i.e. timeframe confluence.
Mental stop was always at half the DB for each entered position.
Now currently, my positions are roughly 300 pips up and secured at entry.
I will leave them running till tomorrow and set TP 1 at a re-test of the ascending wedge pattern.
Sell Fib levels are also shown on the 1H TF, so tomorrow I will be watch for a reversal at these points (seems bulls have already pushed past the 0.382 sell fib level)
Hope you had a good day trading!
Catch ya tomorrow!
What could I have done differently / better?
Pretty happy with my performance today, I was patient and waited for market to give me a signal to buy. I also managed risk well by scaling in my buys as confirmation grew stronger and stronger on the various TF's
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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