Nasdaq Intraday Review – Thursday 18 Jan 2024
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.
At time of analysis I noted the following:
A double bottom had formed on the 1H and 4H TF. When market patterns form on both the 1H and 4H TFs, we have multi-timeframe confluence, and this is a very powerful confluence on Nasdaq (so always keep on eye out for these).
The 1H double bottom had already broken the neckline by the time I did my analysis and rested the neckline at A.
I was waiting for 4H to also break neckline with a candle close above the 4H market pattern neckline and a break through 20 EMA.
I noted that the temporary orange down trend line had already been broken by the early morning bulls.
The 1H candles were already closing above 1H 20 EMA
The 30min 20 EMA was acting as dynamic support
Pivot point was already below the candles and had also been retested at B.
Fib: market had reached down nearly to 0.50 retracement level on D TF and now moving up
All this combined, indicated that bulls were in the market.
I entered a full position buy at C. Confirmations –
Market Pattern: Double bottom on 1H and 4H TF had the necklines broken. Also on the 15min TF you can see a triangle chart pattern (consolidation pattern) which was broken to the upside.
Candlesticks: None specifically but all 4H candles had been green since the early morning, indicating bull momentum
Trendline: Temporary orange downtrend was already broken earlier in the morning
S&R: candles were above 1H 20 EMA already and break of the 4H market pattern neckline also meant candle closed above 4H 20 EMA, so 4H 20 EMA would not be a resistance.
Mental stop was placed below the pivot + 20 EMAs, because if candles started closing below this point then market would sell.
You can see the doji’s on the 1H TF where buyers and sellers were fighting it out to determine if yesterday’s neckline would hold again today.
Market pushed up and we are now at all-time highs again! :)
I took partial profits twice at E. because this was the downtrend line (shown with the purple line) that was respected numerous times before. Also E. was roughly the same distance as the height of the 4H double bottom (indicated by the black line at F.). So chances were great that bears would step in at this point and the fight between bears and bulls can be seen by the candles / price action on the 15min TF.
Eventually Nas broke to the upside and market is currently (at time of writing this) +- 2200 pips from my entry.
Hope you caught the buy and making some good MONEY!
What could I have done differently:
It was a perfect day…wish everyday could be like this!
Just want to say, that learning to trade was / is the hardest thing I have ever learnt to do (and I say that as a qualified Chartered Accountant).
Don't give up on your trading dream. Some days are so good (like today) and other days are so so SOOOOO hard.
Keep learning, keep growing, keep working on your mental game....it will all be worth it....just don't stop! :) :)
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 :)
Did my analysis at +- 5:20am.
At time of analysis I noted the following:
A double bottom had formed on the 1H and 4H TF. When market patterns form on both the 1H and 4H TFs, we have multi-timeframe confluence, and this is a very powerful confluence on Nasdaq (so always keep on eye out for these).
The 1H double bottom had already broken the neckline by the time I did my analysis and rested the neckline at A.
I was waiting for 4H to also break neckline with a candle close above the 4H market pattern neckline and a break through 20 EMA.
I noted that the temporary orange down trend line had already been broken by the early morning bulls.
The 1H candles were already closing above 1H 20 EMA
The 30min 20 EMA was acting as dynamic support
Pivot point was already below the candles and had also been retested at B.
Fib: market had reached down nearly to 0.50 retracement level on D TF and now moving up
All this combined, indicated that bulls were in the market.
I entered a full position buy at C. Confirmations –
Market Pattern: Double bottom on 1H and 4H TF had the necklines broken. Also on the 15min TF you can see a triangle chart pattern (consolidation pattern) which was broken to the upside.
Candlesticks: None specifically but all 4H candles had been green since the early morning, indicating bull momentum
Trendline: Temporary orange downtrend was already broken earlier in the morning
S&R: candles were above 1H 20 EMA already and break of the 4H market pattern neckline also meant candle closed above 4H 20 EMA, so 4H 20 EMA would not be a resistance.
Mental stop was placed below the pivot + 20 EMAs, because if candles started closing below this point then market would sell.
You can see the doji’s on the 1H TF where buyers and sellers were fighting it out to determine if yesterday’s neckline would hold again today.
Market pushed up and we are now at all-time highs again! :)
I took partial profits twice at E. because this was the downtrend line (shown with the purple line) that was respected numerous times before. Also E. was roughly the same distance as the height of the 4H double bottom (indicated by the black line at F.). So chances were great that bears would step in at this point and the fight between bears and bulls can be seen by the candles / price action on the 15min TF.
Eventually Nas broke to the upside and market is currently (at time of writing this) +- 2200 pips from my entry.
Hope you caught the buy and making some good MONEY!
What could I have done differently:
It was a perfect day…wish everyday could be like this!
Just want to say, that learning to trade was / is the hardest thing I have ever learnt to do (and I say that as a qualified Chartered Accountant).
Don't give up on your trading dream. Some days are so good (like today) and other days are so so SOOOOO hard.
Keep learning, keep growing, keep working on your mental game....it will all be worth it....just don't stop! :) :)
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