Nasdaq Intraday Review - Tuesday 5 March 2024
I trade Nasdaq intraday 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:
So following on from Monday's analysis, I had identified the yellow highlighted area as my "Zone 2" area of interest
This was a strong area of confluence because:
It was the 4H 0,618 fib level (drawn from swing low at A to swing high at B)
+ Day 0,382 fib level
+ 4H EMA (position during the morning roughly marked in green)
I entered a pretty big buy at C. and set my stop loss really low at the orange thick line.
Ultimately I watched my position tank and took a big loss.
This scenario has caught me out many times before.
I know that before entering at a fib level, one should wait for price action to confirm the reversal.
If you look at the price action at C. level, there is clearly no price action indicating a reversal.
But if you trade Nasdaq and you know this index well, you will know that Nasdaq very often does not give price action confirmation on the bigger timeframes (15min and above)
You see it all the time how Nasdaq will dip down touch an area and the spike back up, leaving a loooooong wick candle of a hundreds of pips.
Some of my most profitable trades have been entering at these levels without price action confirmation. But like yesterday, it can also bite me in the behind.
I still haven't figured this out yet. Maybe there is confirmation on a lower timeframe?
If you know what I mean and have an antidote, please let me know! ;)
My next area of interest was the green highlighted zone. This represented an area of confluence because:
The D EMA was at this level
This was also the Week 0,50 fib level
This time I did wait for price action confirmation :) And in typical Nasdaq style, it only gave it to me way above my area i.e. 600 pips above where I would've wanted to enter (see what I mean).
So I entered at D. - Confirmations:
Market Pattern - a DB had formed on the 15min TF with a break of the neckline
Candlesticks - neckline break with strong momentum candle
Fib - W 0,50 fib level and market moving up
S&R - Dynamic support from the D EMA
Market moved up and I have secured my positions at entry, so trading risk free today.
I hope market moves well today. Lots of news so could be choppy!
What could I have done differently?
Still trying to figure it out, but on the surface, I don’t think I could have done anything different other than cutting my losses sooner.
As said, this strategy often pays off for me.
All the best!
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:
So following on from Monday's analysis, I had identified the yellow highlighted area as my "Zone 2" area of interest
This was a strong area of confluence because:
It was the 4H 0,618 fib level (drawn from swing low at A to swing high at B)
+ Day 0,382 fib level
+ 4H EMA (position during the morning roughly marked in green)
I entered a pretty big buy at C. and set my stop loss really low at the orange thick line.
Ultimately I watched my position tank and took a big loss.
This scenario has caught me out many times before.
I know that before entering at a fib level, one should wait for price action to confirm the reversal.
If you look at the price action at C. level, there is clearly no price action indicating a reversal.
But if you trade Nasdaq and you know this index well, you will know that Nasdaq very often does not give price action confirmation on the bigger timeframes (15min and above)
You see it all the time how Nasdaq will dip down touch an area and the spike back up, leaving a loooooong wick candle of a hundreds of pips.
Some of my most profitable trades have been entering at these levels without price action confirmation. But like yesterday, it can also bite me in the behind.
I still haven't figured this out yet. Maybe there is confirmation on a lower timeframe?
If you know what I mean and have an antidote, please let me know! ;)
My next area of interest was the green highlighted zone. This represented an area of confluence because:
The D EMA was at this level
This was also the Week 0,50 fib level
This time I did wait for price action confirmation :) And in typical Nasdaq style, it only gave it to me way above my area i.e. 600 pips above where I would've wanted to enter (see what I mean).
So I entered at D. - Confirmations:
Market Pattern - a DB had formed on the 15min TF with a break of the neckline
Candlesticks - neckline break with strong momentum candle
Fib - W 0,50 fib level and market moving up
S&R - Dynamic support from the D EMA
Market moved up and I have secured my positions at entry, so trading risk free today.
I hope market moves well today. Lots of news so could be choppy!
What could I have done differently?
Still trying to figure it out, but on the surface, I don’t think I could have done anything different other than cutting my losses sooner.
As said, this strategy often pays off for me.
All the best!
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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