I trade Nasdaq intraday exclusively
Trading in GMT time zone
Sharing my post day review & analysis in case it can help you!
- Looking for a buy as Nasdaq is strong bullish – “The trend is your friend”
- Noted a Double Top possibly forming on the D TF, with neckline at 15906
- On 4H TF noted that neckline previously acted as strong support – rejected 6 x 4H candles previously
- On 1H TF noted the formation of a double bottom pattern at strong support level (orange circle)
- Double bottom formed at temporary uptrend line marked in blue
- Took long entry at break of the neckline of Double Bottom on 30min TF
o Confirmations:
Market pattern
Strong support
Trend line
- Time of trade = +- 6:30 am GMT
- My mental stop loss was placed at thick pink line
o Mental because I like to see how candles look before closing
o Nasdaq can sometimes spike you out
o Placed here because if it broke this support it would drop significantly because of break of neckline of double top formation on 1H, 4H and D TF
- In terms of profit taking:
o I wanted to see how the day unfolded as trading was muted during Thanksgiving
o Held through testing of EMAs and D pivot point
o Eventually took profit in green circle based on candle stick formation +- 1000 pips
TF = timeframe
1H = 1 Hour
4H = 4 Hour
D = Day
Trading in GMT time zone
Sharing my post day review & analysis in case it can help you!
- Looking for a buy as Nasdaq is strong bullish – “The trend is your friend”
- Noted a Double Top possibly forming on the D TF, with neckline at 15906
- On 4H TF noted that neckline previously acted as strong support – rejected 6 x 4H candles previously
- On 1H TF noted the formation of a double bottom pattern at strong support level (orange circle)
- Double bottom formed at temporary uptrend line marked in blue
- Took long entry at break of the neckline of Double Bottom on 30min TF
o Confirmations:
Market pattern
Strong support
Trend line
- Time of trade = +- 6:30 am GMT
- My mental stop loss was placed at thick pink line
o Mental because I like to see how candles look before closing
o Nasdaq can sometimes spike you out
o Placed here because if it broke this support it would drop significantly because of break of neckline of double top formation on 1H, 4H and D TF
- In terms of profit taking:
o I wanted to see how the day unfolded as trading was muted during Thanksgiving
o Held through testing of EMAs and D pivot point
o Eventually took profit in green circle based on candle stick formation +- 1000 pips
TF = timeframe
1H = 1 Hour
4H = 4 Hour
D = Day