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 GMT
Looking exclusively for a buy, as Nasdaq is bullish overall – “The trend is your friend”
At the time of my analysis, noted the following:
Fireball:
A beautiful double bottom formed on the 15min TF (as indicated by the fireball). What a perfect buy – confirmations here would have been:
- Market pattern: Break of the neckline of double bottom on the 15min TF
- FIB level: Double bottom formed in a 0.618 fib level (this is a strong level) on a fib that was drawn on a high TF (4H TF)
- S&R: Dynamic support by the 1H 50 EMA
- S&R: Rough dynamic support of the 4H EMA at the bottom of the long wick candle
- Candles: Long wick candle forming in strong fib level and 4H EMA level
But unfortunately, I was sleeping – Hope you caught this gem!
So had to look for my imperfect entry.
Noted that a big double bottom had formed on the 1H TF and had broken the neckline at A.
At B. there was a small re-test of the neckline supported by the 1H EMA plus the 30min EMA.
I was very cautious of a sell retracement because yesterday’s D candle closed in the red and in a doji formation, indicating that a bigger retracement might be in the works. This could be a real possibility, because we are at all time highs so the market might retrace on the bigger TF and then gather enough bulls to push through and create new all time highs.
Sell retracement draw in.
Entered a buy at C. – Confirmations:
- S&R: dynamic support by both the 1H and 30min EMA
- Candles: Long wick candle at B on 1H TF
- FIB: Yesterday the market moved down to 0.618 level and is now moving up in a good trend line (marked by temporary orange trend line). Market may be heading for the TP1 of yesterday's 4H buy fib.
- Entered at C. where the 15min candle closed past the 0.618 SELL fib level (to be extra safe, because the candles were rejecting from this level just prior)
Mental stop was placed just below pivot point and neck line of the 1H double bottom.
Market moved up and I set stop loss at entry after +- 250 pips.
Market took me out after a double top formed on the 1H TF and I entered again at D. - Confirmations:
- Market Pattern: Retest of double bottom on 1H TF
- Candles: 5min showed consolidation at this level
- Market pattern: Market had travelled down more than the height of the double top and was bound to re-test the neckline. I like being part of a re-test that is in the same direction as the overall trend (bullish in this case).
- This was an aggressive entry.
Market moved up and I secured at entry.
In the minutes before New York market open, the bears pushed down and I was out at entry at E. and happy to be out because the neckline of the double top seemed to hold the bears down at that moment in time.
Market was too choppy for me and market open was in a few seconds so I decided to stay out for the day.
It’s a good trading day when you make profit (obviously :) ), make a small loss (shows risk management + good trade management) or you stay out (and protect your capital in a choppy market).
It turned out to be an unfortunate spike down for me because the bulls accelerated up after market open and I lost out on about 1000 pips at the time of writing this. But it could’ve gone the other way as well!
What could I have done better:
I’m happy with my decisions today – could have maybe been more aggressive and waited for the 5 min candle to close at E, but it was too risky for me as it was just before market open and I took a loss yesterday so had to be conservative.
Good luck if you are still trading – hope you caught the 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 :)
Did my analysis at +- 5:20am GMT
Looking exclusively for a buy, as Nasdaq is bullish overall – “The trend is your friend”
At the time of my analysis, noted the following:
Fireball:
A beautiful double bottom formed on the 15min TF (as indicated by the fireball). What a perfect buy – confirmations here would have been:
- Market pattern: Break of the neckline of double bottom on the 15min TF
- FIB level: Double bottom formed in a 0.618 fib level (this is a strong level) on a fib that was drawn on a high TF (4H TF)
- S&R: Dynamic support by the 1H 50 EMA
- S&R: Rough dynamic support of the 4H EMA at the bottom of the long wick candle
- Candles: Long wick candle forming in strong fib level and 4H EMA level
But unfortunately, I was sleeping – Hope you caught this gem!
So had to look for my imperfect entry.
Noted that a big double bottom had formed on the 1H TF and had broken the neckline at A.
At B. there was a small re-test of the neckline supported by the 1H EMA plus the 30min EMA.
I was very cautious of a sell retracement because yesterday’s D candle closed in the red and in a doji formation, indicating that a bigger retracement might be in the works. This could be a real possibility, because we are at all time highs so the market might retrace on the bigger TF and then gather enough bulls to push through and create new all time highs.
Sell retracement draw in.
Entered a buy at C. – Confirmations:
- S&R: dynamic support by both the 1H and 30min EMA
- Candles: Long wick candle at B on 1H TF
- FIB: Yesterday the market moved down to 0.618 level and is now moving up in a good trend line (marked by temporary orange trend line). Market may be heading for the TP1 of yesterday's 4H buy fib.
- Entered at C. where the 15min candle closed past the 0.618 SELL fib level (to be extra safe, because the candles were rejecting from this level just prior)
Mental stop was placed just below pivot point and neck line of the 1H double bottom.
Market moved up and I set stop loss at entry after +- 250 pips.
Market took me out after a double top formed on the 1H TF and I entered again at D. - Confirmations:
- Market Pattern: Retest of double bottom on 1H TF
- Candles: 5min showed consolidation at this level
- Market pattern: Market had travelled down more than the height of the double top and was bound to re-test the neckline. I like being part of a re-test that is in the same direction as the overall trend (bullish in this case).
- This was an aggressive entry.
Market moved up and I secured at entry.
In the minutes before New York market open, the bears pushed down and I was out at entry at E. and happy to be out because the neckline of the double top seemed to hold the bears down at that moment in time.
Market was too choppy for me and market open was in a few seconds so I decided to stay out for the day.
It’s a good trading day when you make profit (obviously :) ), make a small loss (shows risk management + good trade management) or you stay out (and protect your capital in a choppy market).
It turned out to be an unfortunate spike down for me because the bulls accelerated up after market open and I lost out on about 1000 pips at the time of writing this. But it could’ve gone the other way as well!
What could I have done better:
I’m happy with my decisions today – could have maybe been more aggressive and waited for the 5 min candle to close at E, but it was too risky for me as it was just before market open and I took a loss yesterday so had to be conservative.
Good luck if you are still trading – hope you caught the 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