I trade Nasdaq intraday exclusively
Trading in GMT time zone
Sharing my post day review and analysis in case it can help you!
Looking exclusively for buys - the trend is your friend! :)
Did my analysis at +- 5:20am
During analysis noted the following:
Bulls rallied over 2000 pips yesterday and overnight, had managed to keep price at this level.
Market has consolidated in a triangle / rising wedge pattern (I felt it was more a rising wedge pattern based on the bodies of the candles)
Rising wedge patterns tend to break down, but can break either way
Pivot point and fib levels are far down from where price currently is, +- 800 pips. So I need to be careful buying because if the market does retrace, it is a big draw down that I will have to handle.
Initial jobless claims will be released today - I feel that due to the sensitivity of the Fed / interest rate debate, this may cause volatility at time of release.
Pivot point zone looks of interest to me as a potential buy zone because it is close to the 1H 0.382 fib level, creating an area of confluence.
This fib drawn from swing low at A. to swing high at B.
To make matters a bit more exciting, I am not able to be at my trading screens today. This means I need to set my buy limits and hope for the best.
I set my buy limit for 50% of my usual position size at C. - Confirmations:
Fib - This represented the 0.382 fib level
S&R - pivot point
I set a second buy limit at D. for 50% of my usual position size - Confirmations:
Fib - This represented the 0.618 fib level
Trendline - blue uptrend line, intersecting this area
S&R - 4H 20 EMA was roughly at this level
Unfortunately, price never reached my buy zones.
When I returned to my screens and did my analysis, I noted that the entry for today would have been quite clear.
If I was trading properly today, I would have entered at E. because price made a nice double bottom just above my zone, by the 1H EMA.
I would have entered on the break of the neckline, which also meant that price had broken back above the 1H EMA
There was also a nice inverted hammer candle on the 1H TF, followed by a green momentum candle at E. further supporting the buy entry.
Market moved up from here +- 700 pips.
What could I have done differently?
Nothing, as I wasn’t able to be at my desk today! :(
Hope you had a good trading day!
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
Trading in GMT time zone
Sharing my post day review and analysis in case it can help you!
Looking exclusively for buys - the trend is your friend! :)
Did my analysis at +- 5:20am
During analysis noted the following:
Bulls rallied over 2000 pips yesterday and overnight, had managed to keep price at this level.
Market has consolidated in a triangle / rising wedge pattern (I felt it was more a rising wedge pattern based on the bodies of the candles)
Rising wedge patterns tend to break down, but can break either way
Pivot point and fib levels are far down from where price currently is, +- 800 pips. So I need to be careful buying because if the market does retrace, it is a big draw down that I will have to handle.
Initial jobless claims will be released today - I feel that due to the sensitivity of the Fed / interest rate debate, this may cause volatility at time of release.
Pivot point zone looks of interest to me as a potential buy zone because it is close to the 1H 0.382 fib level, creating an area of confluence.
This fib drawn from swing low at A. to swing high at B.
To make matters a bit more exciting, I am not able to be at my trading screens today. This means I need to set my buy limits and hope for the best.
I set my buy limit for 50% of my usual position size at C. - Confirmations:
Fib - This represented the 0.382 fib level
S&R - pivot point
I set a second buy limit at D. for 50% of my usual position size - Confirmations:
Fib - This represented the 0.618 fib level
Trendline - blue uptrend line, intersecting this area
S&R - 4H 20 EMA was roughly at this level
Unfortunately, price never reached my buy zones.
When I returned to my screens and did my analysis, I noted that the entry for today would have been quite clear.
If I was trading properly today, I would have entered at E. because price made a nice double bottom just above my zone, by the 1H EMA.
I would have entered on the break of the neckline, which also meant that price had broken back above the 1H EMA
There was also a nice inverted hammer candle on the 1H TF, followed by a green momentum candle at E. further supporting the buy entry.
Market moved up from here +- 700 pips.
What could I have done differently?
Nothing, as I wasn’t able to be at my desk today! :(
Hope you had a good trading day!
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