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 GMT
Noted at 1. that overnight the market had broken through the pink down trend line which market had been respecting for some time
There was a nice re-test of the trend line at 1. on the 1H TF and then market moved up from there.
By the time I did my analysis, the market was consolidating on the 1H TF.
I was looking exclusively for a buy as Nasdaq is bullish overall.
I planned to enter 1 position at 3 levels marked in with the green dots 2. and 3. and 4. So three positions overall (= 3 green dots).
Confirmations for a buy at 2.
- There was a small double top that had formed on the 1H and I have noticed in the past that when Nas is very bullish it will break the neckline of the double top, move down the same distance as the height of the pattern, the buyers step in and the market then moves up and beyond again. Neckline and distance marked with orange lines. (Have you noticed the same?)
This was evidenced by the long wick green candle close to the 2. but unfortunately it didn't continue it's move up.
Confirmations for a buy at 3.
- 1H 0.318 Buy retracement level
- 30min EMA (if market is very bullish it will respect even a 30min EMA)
Confirmations for a buy at 4.
- 1H 0.50 Buy retracement level
- 1H EMA
For me it was clear that the market would buy because all the EMA's were under the candles, the pivot point was under the candles and the down trend pink line had already been re-tested at 1. So for me the market would possibly make a shallow retracement on the 1H TF and then FLLLLLLLLYYYYYYYY.
Mental stop was placed below the 4H EMA.
So I entered a buy at my 3 levels as planned....took a bit of a draw down and then the market bought strongly right before market open. I secured all three positions at entry (i.e put an actual stop loss at entry of each position)
I was convinced that the bulls would continue to dominate.
Just as I was seeing dollar signs flash before my eyes, market opened and crashed completely.
I was out at entry on all positions.
I was up ultimately 1000 pips on my lowest position and I wish now I had taken profit but always easier in hindsight. I was truly convinced that the market would rally.
Clearly the bears overpowered at this zone (5.) because the buy was "over" i.e. TP1 and nearly TP 2 had been reached and if you look at the D TF you will see that at 5. (the brown trend line) is where the D candles have been closing at lower and lower.
- Ultimately no pips for me today.
- The market did not move as I expected and I did not want to re-enter into a market which I wasn't in-sync with.
- No revenge or overtrading for me.
- Good luck if you are still trading!
TF = timeframe
TP = take profit
1H = 1 hour
4H = 4 hour
D = day
W = week
Trading in GMT time zone
Sharing my post day review & analysis in case it can help you :)
Did my analysis at +- 5:20am GMT
Noted at 1. that overnight the market had broken through the pink down trend line which market had been respecting for some time
There was a nice re-test of the trend line at 1. on the 1H TF and then market moved up from there.
By the time I did my analysis, the market was consolidating on the 1H TF.
I was looking exclusively for a buy as Nasdaq is bullish overall.
I planned to enter 1 position at 3 levels marked in with the green dots 2. and 3. and 4. So three positions overall (= 3 green dots).
Confirmations for a buy at 2.
- There was a small double top that had formed on the 1H and I have noticed in the past that when Nas is very bullish it will break the neckline of the double top, move down the same distance as the height of the pattern, the buyers step in and the market then moves up and beyond again. Neckline and distance marked with orange lines. (Have you noticed the same?)
This was evidenced by the long wick green candle close to the 2. but unfortunately it didn't continue it's move up.
Confirmations for a buy at 3.
- 1H 0.318 Buy retracement level
- 30min EMA (if market is very bullish it will respect even a 30min EMA)
Confirmations for a buy at 4.
- 1H 0.50 Buy retracement level
- 1H EMA
For me it was clear that the market would buy because all the EMA's were under the candles, the pivot point was under the candles and the down trend pink line had already been re-tested at 1. So for me the market would possibly make a shallow retracement on the 1H TF and then FLLLLLLLLYYYYYYYY.
Mental stop was placed below the 4H EMA.
So I entered a buy at my 3 levels as planned....took a bit of a draw down and then the market bought strongly right before market open. I secured all three positions at entry (i.e put an actual stop loss at entry of each position)
I was convinced that the bulls would continue to dominate.
Just as I was seeing dollar signs flash before my eyes, market opened and crashed completely.
I was out at entry on all positions.
I was up ultimately 1000 pips on my lowest position and I wish now I had taken profit but always easier in hindsight. I was truly convinced that the market would rally.
Clearly the bears overpowered at this zone (5.) because the buy was "over" i.e. TP1 and nearly TP 2 had been reached and if you look at the D TF you will see that at 5. (the brown trend line) is where the D candles have been closing at lower and lower.
- Ultimately no pips for me today.
- The market did not move as I expected and I did not want to re-enter into a market which I wasn't in-sync with.
- No revenge or overtrading for me.
- Good luck if you are still trading!
TF = timeframe
TP = take profit
1H = 1 hour
4H = 4 hour
D = day
W = week
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.