Nasdaq Intraday Review - Monday 11 Feb 2024
I trade Nasdaq exclusively
Trading in GMT time zone
Sharing my post day review and analysis in case it can help you!
Did my analysis at +- 5:20am
During analysis noted the following:
Large DT formed on the 4H (marked with black lines)
Sellers fib (drawn from swing high at D. to swing low at E.) indcated that price retraced to Sellers 0,382 fib level + pivot (at C.) and price now moving down
Price consolidating above a very strong D support level (marked in grey zone highlight), with D EMA in the area - would need strong bearish push to break this support zone
2 x long wick candles on 4H TF touching this support zone, indicating that there is buying power at this zone.
Would like to see a nice DB with neckline break before entering a buy
Entered a buy at A. - Confirmations:
Market Patterns: Break of the neckline of a DB formed on the 1H TF
S&R / EMA: DB formed at strong Day support zone with D EMA in the area, providing dynamic support
Fib: DB formed just above the W 0,382 fib level
Trend: Entering a buy means trading in the same direction as the overall bullish trend - The trend is your friend
Candlesticks: 2 x 4H long wick candles rejecting the strong Day support zone
Mental stop place halfway down the height of the market pattern.
Market moved down with momentum and I closed this position at stop loss
Re-entered a buy at B. based on similar confirmations.
The two long wick candles on the 1H TF (one in red and one just at B.) indicated to me that bulls were stepping in at the D support zone.
Ultimately, market came down again and I closed this position also in a loss.
Total pips loss for the day was 1900, because in the second entry I wanted to make sure that bulls would not step in again.
After this loss, I decided to stay out for the rest of the day!
What could I have done differently?
I think that seeing that market retraced to seller's 0,382 fib + moving down, should have been a strong indication to me that a sell was in play, possible till Seller’s TP1.
I should have waited for the extra confirmation of a neckline re-test before entering.
Hope you had a better day than me!
TF = timeframe
TP = take profit
1H = 1 hour
4H = 4 hour
D = day
W = week
M = month
S&R = support & resistance
EMA = Exponential moving average
DT = Double Top
DB = Double Bottom
Trading in GMT time zone
Sharing my post day review and analysis in case it can help you!
Did my analysis at +- 5:20am
During analysis noted the following:
Large DT formed on the 4H (marked with black lines)
Sellers fib (drawn from swing high at D. to swing low at E.) indcated that price retraced to Sellers 0,382 fib level + pivot (at C.) and price now moving down
Price consolidating above a very strong D support level (marked in grey zone highlight), with D EMA in the area - would need strong bearish push to break this support zone
2 x long wick candles on 4H TF touching this support zone, indicating that there is buying power at this zone.
Would like to see a nice DB with neckline break before entering a buy
Entered a buy at A. - Confirmations:
Market Patterns: Break of the neckline of a DB formed on the 1H TF
S&R / EMA: DB formed at strong Day support zone with D EMA in the area, providing dynamic support
Fib: DB formed just above the W 0,382 fib level
Trend: Entering a buy means trading in the same direction as the overall bullish trend - The trend is your friend
Candlesticks: 2 x 4H long wick candles rejecting the strong Day support zone
Mental stop place halfway down the height of the market pattern.
Market moved down with momentum and I closed this position at stop loss
Re-entered a buy at B. based on similar confirmations.
The two long wick candles on the 1H TF (one in red and one just at B.) indicated to me that bulls were stepping in at the D support zone.
Ultimately, market came down again and I closed this position also in a loss.
Total pips loss for the day was 1900, because in the second entry I wanted to make sure that bulls would not step in again.
After this loss, I decided to stay out for the rest of the day!
What could I have done differently?
I think that seeing that market retraced to seller's 0,382 fib + moving down, should have been a strong indication to me that a sell was in play, possible till Seller’s TP1.
I should have waited for the extra confirmation of a neckline re-test before entering.
Hope you had a better day than me!
TF = timeframe
TP = take profit
1H = 1 hour
4H = 4 hour
D = day
W = week
M = month
S&R = support & resistance
EMA = Exponential moving average
DT = Double Top
DB = Double Bottom
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