Nasdaq Intraday Review – Thursday 30 Nov 2023
I trade Nasdaq intraday exclusively
Trading in GMT time zone
Sharing my post day review & analysis in case it can help you
- Today I was looking exclusively for a buy as Nasdaq is strong bullish – “The trend is your friend”
- Did my analysis at +-5:20am GMT
- Noted an ascending triangle on the D – which indicates consolidation and breakout imminent, usually to the top but can be in any direction
- 4H TF –
Market came down to retest the triangle it had just broken out of
The second 4H red candle of this retest (yellow circle) closed above/on the downtrend line of the triangle, indicating that the market was unable to break back into the triangle
The following green candle (at the yellow circle), indicates the market is bouncing off the triangle downtrend and that the 4H 20 EMA is holding as dynamic support. It also indicated that the 4H buy fib level of 0.618 seems to be holding.
- 1H TF –
Nice double bottom (yellow circle) formed on the triangle upper line with a break of the neckline at 1.
Also see candles moving in a temporary uptrend indicated by orange line
At 2. the red candle came down to test the neckline and then the following candle is green, confirming uptrend in play
- Entered a buy at 2. @ +- 5:40am - Confirmations:
1. Market pattern – break of neckline on double bottom on 1H TF
2. Market pattern – 4H TF retest of triangle that the market had just broken out of
3. 4H dynamic support by 20 EMA
4. Fib
4H 0.618 fib level seems to be holding
On bigger TF, looking from a seller’s point of view, market could retrace to pivot point before selling again. Pivot point = 0.382 fib retracement. This means the market could move up +- 300 pips before possibly selling, giving me enough time to secure my trade at entry and trade risk free.
- My stop will be a mental stop at the thick pink line.
If market breaks back into triangle, then that invalidates my buy
- For TP, I will close half my position at the brown line (the ascending triangle forming on the day and which was respected in yesterday’s session), the rest I will leave running and see how the day unfolds
Update now at 4:18pm GMT:
- Market moved up as predicted to pivot point
- I was out at entry when the market made a strong move down (indicated by pointing hand)
So no pips for me today, but feel risk management was on point.
Well done if you opened a sell at the pivot point plus 0.382 Sell fib level.
- Ultimately ZERO pips for me today, but at least I managed to project my capital.
- I'm closing November month in the profit overall :)
- Good luck if you are still trading!
TF = timeframe
TP = take profit
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
- Today I was looking exclusively for a buy as Nasdaq is strong bullish – “The trend is your friend”
- Did my analysis at +-5:20am GMT
- Noted an ascending triangle on the D – which indicates consolidation and breakout imminent, usually to the top but can be in any direction
- 4H TF –
Market came down to retest the triangle it had just broken out of
The second 4H red candle of this retest (yellow circle) closed above/on the downtrend line of the triangle, indicating that the market was unable to break back into the triangle
The following green candle (at the yellow circle), indicates the market is bouncing off the triangle downtrend and that the 4H 20 EMA is holding as dynamic support. It also indicated that the 4H buy fib level of 0.618 seems to be holding.
- 1H TF –
Nice double bottom (yellow circle) formed on the triangle upper line with a break of the neckline at 1.
Also see candles moving in a temporary uptrend indicated by orange line
At 2. the red candle came down to test the neckline and then the following candle is green, confirming uptrend in play
- Entered a buy at 2. @ +- 5:40am - Confirmations:
1. Market pattern – break of neckline on double bottom on 1H TF
2. Market pattern – 4H TF retest of triangle that the market had just broken out of
3. 4H dynamic support by 20 EMA
4. Fib
4H 0.618 fib level seems to be holding
On bigger TF, looking from a seller’s point of view, market could retrace to pivot point before selling again. Pivot point = 0.382 fib retracement. This means the market could move up +- 300 pips before possibly selling, giving me enough time to secure my trade at entry and trade risk free.
- My stop will be a mental stop at the thick pink line.
If market breaks back into triangle, then that invalidates my buy
- For TP, I will close half my position at the brown line (the ascending triangle forming on the day and which was respected in yesterday’s session), the rest I will leave running and see how the day unfolds
Update now at 4:18pm GMT:
- Market moved up as predicted to pivot point
- I was out at entry when the market made a strong move down (indicated by pointing hand)
So no pips for me today, but feel risk management was on point.
Well done if you opened a sell at the pivot point plus 0.382 Sell fib level.
- Ultimately ZERO pips for me today, but at least I managed to project my capital.
- I'm closing November month in the profit overall :)
- Good luck if you are still trading!
TF = timeframe
TP = take profit
1H = 1 hour
4H = 4 hour
D = day