Nasdaq Intraday Review – Tuesday 23 Jan 2024
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 at +- 5:20am.
At time of analysis I noted the following:
I still had some buy positions running from yesterday.
Noted that the early morning bulls had pushed up and were respecting the orange uptrend line.
Unfortunately, bulls could not break through the pivot point and a double top formed close to C. on the 1H TF.
When a doji candle closed at C. (bulls again not able to break through pivot point, which was also the 0.382 Fib sell retracement level (fib drawn from swing high at A. to swing low at B.)) – I knew market would sell and I closed all my buys from yesterday at a small loss.
In my trading style, I would only want to trade with the trend (the trend is your friend). I felt like Nasdaq would not buy any further today until we have earnings forecasts on the table which justify a further rally. That would not come during the trading day today, because we are all waiting for Netflix tonight and Tesla tomorrow.
Until there is a bigger TF confirmation of a sell, I am not interested in taking intraday sells on such a strong bull trend.
My view was that market would consolidate and be choppy today. Judging by the price action, I feel it was.
I did not enter again today but I do have a buy limit at E. because this is an area of confluence:
Market pattern – At this level price would have moved down the same distance as the height of the 4H Head & Shoulders and would most probably retest the neckline. I like being part of a re-test that is in the same direction as the overall trend.
S&R: 4H EMA is in this region
Fib: this area is close to the 0.618 buy fib level and also in the proximity of the sellers TP2.
What could I have done differently:
Glad I stayed out today.
Hope you managed to squeeze out some pips!
Although not for me personally, the sell from D. was nice – 0.618 sell fib + 4H neckline + 1H & 4H market pattern (timeframe confluence).
TF = timeframe
TP = take profit
1H = 1 hour
4H = 4 hour
D = day
W = week
M = month
S&R = support and resistance
EMA = exponential moving average
Trading in GMT time zone
Sharing my post day review & analysis in case it can help you :)
Did my analysis at +- 5:20am.
At time of analysis I noted the following:
I still had some buy positions running from yesterday.
Noted that the early morning bulls had pushed up and were respecting the orange uptrend line.
Unfortunately, bulls could not break through the pivot point and a double top formed close to C. on the 1H TF.
When a doji candle closed at C. (bulls again not able to break through pivot point, which was also the 0.382 Fib sell retracement level (fib drawn from swing high at A. to swing low at B.)) – I knew market would sell and I closed all my buys from yesterday at a small loss.
In my trading style, I would only want to trade with the trend (the trend is your friend). I felt like Nasdaq would not buy any further today until we have earnings forecasts on the table which justify a further rally. That would not come during the trading day today, because we are all waiting for Netflix tonight and Tesla tomorrow.
Until there is a bigger TF confirmation of a sell, I am not interested in taking intraday sells on such a strong bull trend.
My view was that market would consolidate and be choppy today. Judging by the price action, I feel it was.
I did not enter again today but I do have a buy limit at E. because this is an area of confluence:
Market pattern – At this level price would have moved down the same distance as the height of the 4H Head & Shoulders and would most probably retest the neckline. I like being part of a re-test that is in the same direction as the overall trend.
S&R: 4H EMA is in this region
Fib: this area is close to the 0.618 buy fib level and also in the proximity of the sellers TP2.
What could I have done differently:
Glad I stayed out today.
Hope you managed to squeeze out some pips!
Although not for me personally, the sell from D. was nice – 0.618 sell fib + 4H neckline + 1H & 4H market pattern (timeframe confluence).
TF = timeframe
TP = take profit
1H = 1 hour
4H = 4 hour
D = day
W = week
M = month
S&R = support and resistance
EMA = exponential moving average
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