Nasdaq Intraday Review - Monday 2 Dec 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 +- 5:30 am GMT (00:30 am EST)
Economic news - None
News - None
Directional bias - BUY. All higher timeframes are bullish.
Morning analysis:
M TF - November candle closed very bullish. Candle body is +- 9'600 pips. Indicates very bullish sentiment overall
W TF - Last week's candle closed in a doji formation. Could be an indication that bulls are loosing momentum
D TF - Fridays candle closed right at the resistance formed by Tuesday's candle. Could Friday's candle represent the second top of a DT? Neckline would be 1'700 pips down (at time of writing). But D EMA is right at neckline, so bears would have to push very hard to break this neckline down.
In the past I have noted that when we have 2 x days, like Thanksgiving, where market was closed / half day, we see a COMPLETELY different sentiment come in on market open of the first "real" day of trading. It's like the extended trading guys where doing their own thing (in this case being bullish) and then when real market comes in, sentiment could be much different and a correction could occur. So need to be careful at market open.
2 x areas of interest identified (highlighted in green)
1. 1H + 4H 0.382 buy fib level + Pivot point + D 0.618 SELL fib level which bulls will want to stay above + 1H EMA (at time of writing at 6am)
2. D EMA (at time of writing at 6am) + W 0.382 buy fib + D 0.618 buy fib level
As the day progressed:
Entered a buy at the hand icon - Confirmations:
1. Market pattern - Price made a DB before reaching the first interest area. DB on the 1H TF with neckline broken upwards. The second bottom of the DB (at C.) is higher than the first bottom of the market pattern. This also contributes to the bullishness of the market pattern. Entered on the break of the neckline at the hand icon.
2. S&R - candle wicks touching 30 EMA and moving up (at time of writing in the morning), i.e. 30min EMA providing dynamic support.
3. Trend - Temporary down trend line broken (marked with top green line), indicating that the downtrend is over and price is ready to resume upwards.
4. Fib - A few wicks reaching towards the 4H 0.382 fib, but DB formed quite a way above this level.
5. Candlesticks - candle wicks touching 30 EMA and moving up, i.e. 30min EMA providing dynamic support.
Mental SL placed at the thick pink line. Usually, I would place my stop loss at half the height of the market pattern but because this was such a tight DB, I felt I have to place it a bit lower where the first bottom occurred. If candles started closing below this point, I would consider closing.
I opened a full position size and it was a banger of a day!
Market open pushed straight up!
Price ultimately moved 2979 pips from my entry.
I closed when price made a DT on the 15min (indicated at the top hand icon). I would normally leave a runner, but I am on a mission to build my account and so don't want to leave money on the table.
Made some good moola today! Hope you did too!
Laters!
Stats:
Price moved a total of 3195 pips today.
Of the total move, I captured 2651 pips / 83%.
Abbreviations:
TF = timeframe
TP = take profit
1H = 1 hour
4H = 4 hour
D = day
W = week
M = month
S&R = support & resistance
H&S = head & shoulders
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 +- 5:30 am GMT (00:30 am EST)
Economic news - None
News - None
Directional bias - BUY. All higher timeframes are bullish.
Morning analysis:
M TF - November candle closed very bullish. Candle body is +- 9'600 pips. Indicates very bullish sentiment overall
W TF - Last week's candle closed in a doji formation. Could be an indication that bulls are loosing momentum
D TF - Fridays candle closed right at the resistance formed by Tuesday's candle. Could Friday's candle represent the second top of a DT? Neckline would be 1'700 pips down (at time of writing). But D EMA is right at neckline, so bears would have to push very hard to break this neckline down.
In the past I have noted that when we have 2 x days, like Thanksgiving, where market was closed / half day, we see a COMPLETELY different sentiment come in on market open of the first "real" day of trading. It's like the extended trading guys where doing their own thing (in this case being bullish) and then when real market comes in, sentiment could be much different and a correction could occur. So need to be careful at market open.
2 x areas of interest identified (highlighted in green)
1. 1H + 4H 0.382 buy fib level + Pivot point + D 0.618 SELL fib level which bulls will want to stay above + 1H EMA (at time of writing at 6am)
2. D EMA (at time of writing at 6am) + W 0.382 buy fib + D 0.618 buy fib level
As the day progressed:
Entered a buy at the hand icon - Confirmations:
1. Market pattern - Price made a DB before reaching the first interest area. DB on the 1H TF with neckline broken upwards. The second bottom of the DB (at C.) is higher than the first bottom of the market pattern. This also contributes to the bullishness of the market pattern. Entered on the break of the neckline at the hand icon.
2. S&R - candle wicks touching 30 EMA and moving up (at time of writing in the morning), i.e. 30min EMA providing dynamic support.
3. Trend - Temporary down trend line broken (marked with top green line), indicating that the downtrend is over and price is ready to resume upwards.
4. Fib - A few wicks reaching towards the 4H 0.382 fib, but DB formed quite a way above this level.
5. Candlesticks - candle wicks touching 30 EMA and moving up, i.e. 30min EMA providing dynamic support.
Mental SL placed at the thick pink line. Usually, I would place my stop loss at half the height of the market pattern but because this was such a tight DB, I felt I have to place it a bit lower where the first bottom occurred. If candles started closing below this point, I would consider closing.
I opened a full position size and it was a banger of a day!
Market open pushed straight up!
Price ultimately moved 2979 pips from my entry.
I closed when price made a DT on the 15min (indicated at the top hand icon). I would normally leave a runner, but I am on a mission to build my account and so don't want to leave money on the table.
Made some good moola today! Hope you did too!
Laters!
Stats:
Price moved a total of 3195 pips today.
Of the total move, I captured 2651 pips / 83%.
Abbreviations:
TF = timeframe
TP = take profit
1H = 1 hour
4H = 4 hour
D = day
W = week
M = month
S&R = support & resistance
H&S = head & shoulders
EMA = exponential moving average
SL = stop loss
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