Nasdaq Market Review: 20-NOV-2024Good morning, everyone! Today's Nasdaq analysis is designed to educate and empower. Use these insights to refine your price action trading strategy.
NASDAQ 100 CFD
Nasdaq Intraday Review - Tuesday 19 Nov 2024I 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. Tomorrow is Nvidia Earnings release
Directional bias - BUY (read yesterday's post entitled "Nasdaq Intraday Review - Monday 18 Nov 2024" for more insight into today's directional bias and swing trade entry)
Yesterday I opened a swing trade at the B. hand icon.
My mental stop was placed at the thick pink line.
Wow....what a day, what a draw down!
But held throughout and I am now 1'300 pips in the profit with a big position and secured at entry i.e. trading risk free.
Here's the reasoning for holding and also where I would have entered today if I had not had a swing trade going:
Holding swing trade:
As is evident from the 1H chart, a huge red candle closed below my mental stop. In normal trading i.e. day trading I would have closed my trade.
But in this instance I entered a swing trade based on the 4H TF. On normal day trading days, I enter on much lower TF and judge how candles close against my mental SL on much lower TFs.
As a rule, if candles start closing below my mental stop, I would close.
But over the years I have also learnt that the time frame you enter on, is the TF you should judge if you want to close your trade. In other words, if I enter on a 4H TF, then in theory I should only close my trade if 4H candles start closing below my mental stop. This is very hard (especially because Nasdaq that can spike thousands of pips at a time). But over the years, as I have grown my account and gained experience, I have been able to hold fast on this observation.
And so, as can be seen on the 4H TF, a 4H candle did not close at my mental stop.
This draw down had me sweating bullets and if I had my position sizing wrong I could easily have bust my account on a 2'700 pip drawn down (esp because I trade with a 500 leverage). I was also nearly in panic mode because the news is full of stories regarding the Ukraine Russia War escalation. So I am pleased that I held my cool, stuck with my trade plan and didn't panic close my position at a massive loss.
Whether it was luck or truly my past "observation", I thank my lucky stars that price ultimately went my way.
Entry point for today:
I did not add another position today because my exposure was already at the max.
But if I hadn't had my swing trade going, I would have entered on the 1H TF at the smiley icon (because the move down was really strong, so I would have looked for confirmation on a higher TF)
Also the 1H DB formed on the strong Weekly support.
Now we need to see if price can break through the strong sell fib levels and I am hoping Nvidia earnings will help with that.
Hope you had a good trading day! Over and out!
P.S. Note how price exactly respected the market pattern profit target theory market at C. (i.e. that price will move the same distance as the height of the market pattern, once the market pattern in broken). Price formed a rising wedge on the 4H TF and then broke downwards and moved the exact distance down as the height of the market pattern.
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
NAS100USD Shooort!This index has been forming a rising flag for the past few hours(IMO a strong bearish momentum), ever since it touched its new lower low.
Let us wait and see if the price will breakout of the trend, retest the lower trendline so that we can have an entry position.
Nasdaq Intraday Review - Monday 18 Nov 2024I 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. On the W TF, it can be seen that price finally broke through a resistance level that held strong for 6 weeks (marked by numbers). After price broke through, it is now retesting this level to see if resistance is now turned to support. This zone also represents the W and D 0.618 fib level (drawn from swing low at C. to swing high at D.) Because the Day and the Week fib levels are the same, we have a kind of TF confluence, which makes this level very strong. As the overall trend of Nasdaq is bullish, I choose to see last week as a massive retracement but not an overall trend change for Nas.
Morning analysis:
At this level (the W level highlighted in yellow), price is seen to start reacting to this level. There are DB forming on the 15min TF and the 30min TF. This gives me confidence that buyers are stepping in at this zone. Also, on the 4H TF we have not seen price retesting any of the higher level TF's, so a bullish move is expected to at least retest this bearish move.
As the day progressed:
Entered a buy at the hand icon (A.) - Confirmations:
1. Market pattern - DB formed on the 15min TF after touching the W+D 0.618 fib level.
2. S&R - DB formed right at the strong Weekly S&R level marked in yellow on the W view
3. Trend - price has finally started making higher highs and higher lows (indicating that price is ready to start moving up) and a buy is in the overall direction of Nasdaq - the trend is your friend
4. Fib - W+D 0.618 fib level touched + DB formed at 1H 0.618 fib level
Mental SL placed below green highlight.
Price moved up 1'200 pips and I secured my position at entry. I wanted to hold for a larger move because ultimately a DB formed on the 1H TF and the neckline was broken with a huge momentum candle. But price came back down and took me out.
I re-entered at the hand icon B. for a more swing trade kind of entry, because we have a DB on the 1H and the 4H TF. Mental stop placed at the thick pink line, which is about half the height of the DB. But it's a risky entry because the stop is soooo far below where price currently is. So a SL hit woud mean a big loss.
Hope you had a good trading day! :)
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
Nasdaq informative zones: 19-NOV-2024Nasdaq trading insights: Not signals, but informative zones to aid your decision-making. Please note: These zones are not trading advice. Use them as a starting point for your own analysis.
US100 NASDAQ Technical Analysis - Where To Next?👀👉 The US100 has recently experienced a pullback, leaving traders wondering: what’s next? While the higher time frame trend remains bullish, last week’s deep retracement has carried into today. At this point, it’s a matter of waiting for the market to settle and observing how price action unfolds, particularly after the New York session. I’m leaning toward looking for a buy opportunity, but this depends on a bullish structural break—specifically, a break above the current previous high on the 4-hour timeframe. Selling isn’t part of my plan right now, as the chart and volume profile reveal strong support levels below, which are clearly highlighted in the analysis. 📊 Disclaimer: This is for educational purposes only and should not be considered financial advice. Always do your own research and trade responsibly.
Nasdaq Thoughts for a Brighter trading today:18-NOV-2024US100 thoughts for a Brighter trading today, use them at your own risk for learning purposes and not as signals.
Weekly Forex Forecast Nov. 18 - 22: SP500, NAS, DOW, GOLDThis is the Weekly Forex Forecast for Nov 18 -22nd.
The Big 3 Indexes started to pullback last week from there elections fueled rallies. Patience is required, as we look for confirmations of a market shift from bullish to bearish.
Gold also retraced last week, and may may struggle against a surging USD. Patience here will benefit traders, as we wait until the market tips its hand.
Check the comments section below for updates regarding this analysis throughout the week.
Enjoy!
May profits be upon you.
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NASDAQ Next weekPrice Running between Ascending channel and already
touches upper border and clear bos there
i expect price will fall down till bellow trend line
that is strong trend line in 4 Hour
However we have 2 scenarios. if price broken the below trend line
will fall to below imbalance around 19000 level. That means down border of channel
If price got bullish rejection near trend line price will rise around 2100 - 2200 areas.
waing to bullish or bearish confirmation and execute your trade. good luck
GBPUSD FALLINGStill going down after already a huge drawdown ;
the blue lines are the main recent interesting KL, reaching it one by one, slightly bouncing then still going down seems like the next move ;
but it s the same as fibonacci, it might bounce harder on one and even change the whole trend to a new uptrend.
CHANGE OF DIRECTION FOR EURUSDAt first we thought it would keep going up, but it broke an important line on Friday before closing, which tends to show it keeps the bearish position ;
not sure about that tbh, but it seems too early to call a bearish trend for this pair, even though it might happen at some point soon ;
the next KL, LL and key lines will tell us if we're right or no.
BTC LATEWe thought it would go back up right now, but it turns out it made an unexpected line cutting (white cut line) ;
it s going towards the next LL KL, hitting some key points then going back up pretty quick before wednesday ;
it is now a smooth drawdown pattern, where it falls smoothly and calmly before hitting one big red candle.
NASDAQ Strong Bullish Momentum ContinuesHey Traders, in tomorrow's trading session we are monitoring NAS100 for a buying opportunity around 20200 zone, NASDAQ is trading in an uptrend and currently is in a correction phase in which it is approaching the trend at 20200 support and resistance area.
Trade safe, Joe.
DOW JONES INDEX (US30): Best Supports For Buying
US30 finally retraced after a strong bullish rally.
Here are the significant supports from where we can
look for trend-following buying opportunities.
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QQQ - Breakout or Fakeout?Finally, some action after a very boring month or so of being range bound. The lack of a contested election provided a major boost to tech the last two days :) Now, the question is if this rally is a true breakout above the trading channel that has confined QQQ for most of the last 14 years or so (minus the COVID bubble) or if it is just a fake out.
GBPCAD RE TESTINGThe potential downtrend in the GBP/CAD currency pair may be influenced by several critical factors. The Bank of Canada's relatively hawkish monetary stance, supported by strong economic data, contrasts with the Bank of England's cautious approach due to slowing UK economic growth. Declining global oil prices could limit the downside for the Canadian dollar, as Canada is a major oil exporter. On the technical side, GBP/CAD has recently tested key support levels, and failure to hold these levels may signal further bearish momentum.
GBPUSD FREE FALLThe GBP/USD currency pair has recently exhibited a downward trend, driven by macroeconomic uncertainties such as geopolitical tensions and global growth concerns, leading investors to favor the U.S. dollar as a safe haven. Divergent monetary policies, with the Federal Reserve maintaining a hawkish stance and the Bank of England adopting a more cautious approach, have further pressured the pair. Technical indicators show breaches of key support levels like 1.2842, signaling a continuation of the bearish trend. Traders should closely monitor economic data and central bank communications to adapt their strategies.
NEW NASDAQ ROUTEThe potential drop in the NASDAQ in the coming days could be driven by several key factors. First, macroeconomic uncertainties, including geopolitical tensions or the persistence of high interest rates, could increase market volatility. Additionally, recent disappointing quarterly earnings from major tech companies, which are often heavily weighted in the index, add downward pressure. Lastly, technical signals such as the breach of critical support levels or a decline below the 50-day moving average could trigger accelerated sell-offs. Investors should closely monitor these indicators to assess risks and adjust their portfolios accordingly.
NZDJPY RIGHT NOW !!!NZDJPY reached the point of decision ;
according to previous data, it should reverse right now in a huge V pattern, and then correct to return back up then ;
however stay advised, nothing is never sure, but this seems like a great trade to get into right now ;
the SL would be placed just under the yellow trend line, around 90.600.
BTC BACK ON TRACKAfter a little break of hesitation BTC is ready to head back up ;
After reaching impressive new levels, 90, 93K, BTC was a brought down a little ;
however it is now ready to get on a bullish position again, as usual ;
now 's the time for the slow climb towards 100K.
BTCUSD | Trade idea
BTCUSD Performance: BTCUSD pulled back after reaching a minor top around $65,000, hitting a high of $65,103 and currently trading around $62,500.
Rate Cut Probability: The probability of a 25 basis point rate cut in September increased to 71.50% from 71% a week ago (CME Fed watch tool).
BTC ETF Inflows: BTC ETF saw an inflow of $202.51 million, with BlackRock attracting $224 million.
US Markets: NASDAQ, which has a negative correlation with BTC, is bearish but neutral for BTC. NASDAQ is trading weak ahead of Nvidia earnings; a close above 20,000 could push it to 20,500.
Nasdaq trading zones: 15-NOV-2024Today's Nasdaq trading zones: For educational purposes only. Use at your own risk.
Nasdaq-100 H4 | Pullback support at 50% Fibonacci retracementNasdaq-100 (NAS100) is falling towards a pullback support and could potentially bounce off this level to climb higher.
Buy entry is at 20,660.10 which is a pullback support that aligns close to the 50.0% Fibonacci retracement level.
Stop loss is at 20,480.00 which is a level that lies underneath the 50.0% Fibonacci retracement level.
Take profit is at 20,986.01 which is a pullback resistance.
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