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 Nas is strong bullish – “The trend is your friend”
- Doji candlestick formation on the Day TF
o Signifying loss of momentum of the sellers, further confirmation for a buy
- In the morning, would have been interested in entering a long position at orange circle as this would have indicated that buyers have the strength to break through the 20 EMA on the 1H and 4H TF plus the Pivot point at 15’968
- But this didn’t happen and market dropped
- The blue circle represented an interesting area of confluence with a temporary uptrend line, a strong 4H support
- Entered a buy when doji candle stick formed in 1H TF
o Confirmations:
Trend line
Strong support
Doji candle stick
Lower wick of doji candle stick had touched seller’s TP 2 (indicating the sell was over)
- Mental stop loss was placed at bottom of strong support zone (think pink line)
- Market bounced off the pivot point plus EMA’s and I was out at entry (I usually place stop loss at entry after 250 pips)
- Entered a buy again at the yellow circle at +- 13:20 pm GMT
o Confirmations:
Strong support that market had reacted to strongly
Entered very small because I usually like more confirmations
- Mental stop loss again at thick pink line
- Eventually market spiked up but it was a very choppy market
- Buy hit TP 2 on Fib i.e. moved up by about 1000 pips
- Waited to see if it would touch the pink downtrend line but came down pretty quick
- For take profit, I judged the candles on the various TF’s and decided I was happy with 700 pips in such a choppy market.
- Closed my buy in the region of the robot
- Hope I didn't close too soon as I see now the market is moving up but Done for the day!
- If I had opened a bigger position I would have taken profit where I did and left a runner with stop loss at entry.
- 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 :)
- Looking for a buy as Nas is strong bullish – “The trend is your friend”
- Doji candlestick formation on the Day TF
o Signifying loss of momentum of the sellers, further confirmation for a buy
- In the morning, would have been interested in entering a long position at orange circle as this would have indicated that buyers have the strength to break through the 20 EMA on the 1H and 4H TF plus the Pivot point at 15’968
- But this didn’t happen and market dropped
- The blue circle represented an interesting area of confluence with a temporary uptrend line, a strong 4H support
- Entered a buy when doji candle stick formed in 1H TF
o Confirmations:
Trend line
Strong support
Doji candle stick
Lower wick of doji candle stick had touched seller’s TP 2 (indicating the sell was over)
- Mental stop loss was placed at bottom of strong support zone (think pink line)
- Market bounced off the pivot point plus EMA’s and I was out at entry (I usually place stop loss at entry after 250 pips)
- Entered a buy again at the yellow circle at +- 13:20 pm GMT
o Confirmations:
Strong support that market had reacted to strongly
Entered very small because I usually like more confirmations
- Mental stop loss again at thick pink line
- Eventually market spiked up but it was a very choppy market
- Buy hit TP 2 on Fib i.e. moved up by about 1000 pips
- Waited to see if it would touch the pink downtrend line but came down pretty quick
- For take profit, I judged the candles on the various TF’s and decided I was happy with 700 pips in such a choppy market.
- Closed my buy in the region of the robot
- Hope I didn't close too soon as I see now the market is moving up but Done for the day!
- If I had opened a bigger position I would have taken profit where I did and left a runner with stop loss at entry.
- Good luck if you are still trading!
TF = timeframe
TP = take profit
1H = 1 Hour
4H = 4 Hour
D = Day