I trade Nasdaq intraday exclusively
Trading in GMT time zone
Sharing my post day review & analysis in case it can help you :)
Today was a different day for me. I planned the trade I took today over the weekend.
Friday 5th Jan trading day ended with a green doji candle close on the D TF.
This D candle touched the 0.618 Fib level on the D TF and closed above the 4H 200 EMA.
To me this signalled the start of a bullish move, at the very least to re-test the neckline of the Double Top on the D TF (marked in pink).
I decided I wanted to enter a swing trade and so I stayed up late on Sunday evening and opened a nice big buy position in the seconds as market opened on Sunday 11pm GMT.
My swing trade buy confirmations:
- Market Pattern – double top had formed on the D TF and price had traveled the full distance of the profit target (i.e. the same distance down as the height of the market pattern). I like to enter a trade that will re-test the neckline in the same direction as the overall trend (bullish in this case if we assume that the bear move was just a retracement and not a full trend reversal. I will consider a full trend reversal to be in place if market tests the neckline of the double top and then moves down again).
- Fib – a strong fib level was reached on a high TF (0.618 on a D TF)
- Candle stick – green doji on a D TF
- S&R – 4H 200 EMA providing dynamic support to 2 x D candles
I funded my trading account with the amount of money I was prepared to lose and I would not place a stop loss. I correctly choose my position size to handle a drawdown of 1500 – 2000 pips and if my account bust then that would be the end of my swing trade.
All went according to plan, and I am currently on 3166 pips profit for the day.
I did close a small portion of my position to recover my small losses over the previous days and also take some profit for my efforts today. But the majority of the trade is running.
I secured my trade at entry and am now trading risk free.
The plan is to wait to see if bulls break through the neckline (so far so good, but I am expecting a bearish push down tomorrow to test bulls strength). Luckily pivot point + 1H, 4H and D 20 EMA’s will be under the candles hopefully giving a push up.
What could I have done differently:
I am happy with my performance today.
Hope you caught this nice buy!
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 :)
Today was a different day for me. I planned the trade I took today over the weekend.
Friday 5th Jan trading day ended with a green doji candle close on the D TF.
This D candle touched the 0.618 Fib level on the D TF and closed above the 4H 200 EMA.
To me this signalled the start of a bullish move, at the very least to re-test the neckline of the Double Top on the D TF (marked in pink).
I decided I wanted to enter a swing trade and so I stayed up late on Sunday evening and opened a nice big buy position in the seconds as market opened on Sunday 11pm GMT.
My swing trade buy confirmations:
- Market Pattern – double top had formed on the D TF and price had traveled the full distance of the profit target (i.e. the same distance down as the height of the market pattern). I like to enter a trade that will re-test the neckline in the same direction as the overall trend (bullish in this case if we assume that the bear move was just a retracement and not a full trend reversal. I will consider a full trend reversal to be in place if market tests the neckline of the double top and then moves down again).
- Fib – a strong fib level was reached on a high TF (0.618 on a D TF)
- Candle stick – green doji on a D TF
- S&R – 4H 200 EMA providing dynamic support to 2 x D candles
I funded my trading account with the amount of money I was prepared to lose and I would not place a stop loss. I correctly choose my position size to handle a drawdown of 1500 – 2000 pips and if my account bust then that would be the end of my swing trade.
All went according to plan, and I am currently on 3166 pips profit for the day.
I did close a small portion of my position to recover my small losses over the previous days and also take some profit for my efforts today. But the majority of the trade is running.
I secured my trade at entry and am now trading risk free.
The plan is to wait to see if bulls break through the neckline (so far so good, but I am expecting a bearish push down tomorrow to test bulls strength). Luckily pivot point + 1H, 4H and D 20 EMA’s will be under the candles hopefully giving a push up.
What could I have done differently:
I am happy with my performance today.
Hope you caught this nice buy!
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