Nasdaq Intraday Review - Thursday 7 Mar 2024
I trade Nasdaq intraday exclusively
Trading in GMT time zone
Sharing my post day review and analysis in case it can help you!
Did my analysis at +- 5:20am GMT
From my previous post you will know that I had a buy position at D. running.
As the morning progressed, market came down and the long wick at E. took out my D. position because I had secured at entry.
Waiting to see price action, I entered a buy at C. - Confirmations:
Fib: DB formed on the 1H TF (not marked on the graph but clear to see on the 1H TF at E.) at the 4H 0,618 fib level + Week 0,382 fib level
Market pattern: DB formed on 1H TF and neckline broken
Candle sticks: Long wick bullish candle on 1H TF (at E.) + strong bullish momentum candle to break the neckline
S&R + EMAs: DB formed at strong Day support level + D EMA providing dynamic support roughly in this area too
Trend line: None specifically but position is in the same direction as the overall trend (bullish in this case) - the trend is your friend
SL: Placed roughly halfway into the height of the market pattern, marked by the thick purple line
Tp's were determine using the fib drawn on the 4H TF (swing low = A. and swing high at the time was B. - se A. and B. on 1H TF and ignore on 4H TF on graph)
TP1 - 18240
TP 2 – 18360
Market moved well in my favor, ultimately creating a DB on the 4H TF (marked in black lines) with a neckline break and so interesting that the profit target (i.e. the same distance as the height of the market pattern) lined up perfectly with TP 1
On the 1H TF, price broke through the temporary down trend blue line at F and then a small red candle to re-test, before moving up again.
Took partial profit at TP1 and Finally closed my full position right up close to TP2 when a double top formed on the 15min TF.
Ultimately market moved 3586 pips from my C. position and I closed out at 3300 pips.
It was a goooooooooooood day! :)
What could I have done differently?
Entered a much MUCH bigger position! Haha!
Hope you caught this buy!
Good luck for NFP trading - think I will stay out today.
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
DT = Double Top
DB = Double Bottom
Trading in GMT time zone
Sharing my post day review and analysis in case it can help you!
Did my analysis at +- 5:20am GMT
From my previous post you will know that I had a buy position at D. running.
As the morning progressed, market came down and the long wick at E. took out my D. position because I had secured at entry.
Waiting to see price action, I entered a buy at C. - Confirmations:
Fib: DB formed on the 1H TF (not marked on the graph but clear to see on the 1H TF at E.) at the 4H 0,618 fib level + Week 0,382 fib level
Market pattern: DB formed on 1H TF and neckline broken
Candle sticks: Long wick bullish candle on 1H TF (at E.) + strong bullish momentum candle to break the neckline
S&R + EMAs: DB formed at strong Day support level + D EMA providing dynamic support roughly in this area too
Trend line: None specifically but position is in the same direction as the overall trend (bullish in this case) - the trend is your friend
SL: Placed roughly halfway into the height of the market pattern, marked by the thick purple line
Tp's were determine using the fib drawn on the 4H TF (swing low = A. and swing high at the time was B. - se A. and B. on 1H TF and ignore on 4H TF on graph)
TP1 - 18240
TP 2 – 18360
Market moved well in my favor, ultimately creating a DB on the 4H TF (marked in black lines) with a neckline break and so interesting that the profit target (i.e. the same distance as the height of the market pattern) lined up perfectly with TP 1
On the 1H TF, price broke through the temporary down trend blue line at F and then a small red candle to re-test, before moving up again.
Took partial profit at TP1 and Finally closed my full position right up close to TP2 when a double top formed on the 15min TF.
Ultimately market moved 3586 pips from my C. position and I closed out at 3300 pips.
It was a goooooooooooood day! :)
What could I have done differently?
Entered a much MUCH bigger position! Haha!
Hope you caught this buy!
Good luck for NFP trading - think I will stay out today.
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
DT = Double Top
DB = Double Bottom
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