Nasdaq Intraday Review - Monday 25 Nov 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 +- 5:30 am GMT (00:30 am EST)
Economic news - None
News - None
Directional bias - BUY
Morning analysis:
M TF - Remains very bullish, only 4 days till close. Green candle body is 9300 pips strong (at time of writing) - indicates overall bullish sentiment.
W TF - Last week's candle closed green, indicating that price broke the previous highest weekly close, came down all the way to retest this level and then last week's candle closed green as bulls successfully retested this level and this weekly resistance has now turned to support.
D TF - Huge gap up this morning (686 pips). Price finally broke above the 0.50 SELL fib level. Further indication of bullish sentiment.
4H TF - after the gap up for the start of the day, two long green candles closed on the 4H TF. One had a long wick down rejecting the D Sell 0.618 fib level. Buyers are rejecting this zone and pushing up.
I identified 2 areas of confluence (highlighted in green):
1. Strong 4H S&R zone that held down 5 x 4H candles + 4H 0.618 fib level (swing low at A. to swing high at B. This fib only became clear later in the day.) + 4H EMA
2. W 0.50 fib level + D EMA + D 0.618 fib level
If price comes down to any of these zones I will enter with a full position size and because these are strong areas of confluence (and Nas is so volatile), I would watch the 5min TF for signs that price is ready to reverse.
As the day progressed:
Price spike up high to B. and I closed a runner that I had open from last week (not at B. exactly but as price was coming down).
Price fell quickly after market open. I view this as a retracement and not a change to the very bullish sentiment that is so evident on the higher TF's.
Price come to my interest zone 1 and gave a nice little DB on the 5min TF
Entered a buy at the hand icon - Confirmations:
1. Market pattern - DB on 5min TF, with neckline broken upwards with a strong green momentum candle (I don't normally enter on this TF unless it is an area of confluence)
2. S&R - as mentioned strong resistance zone holding down 5 4H candles, now clearly turned to support. Also dynamic support provided by the 4H EMA
3. Trend - Buy is in the same direction as the overall trend. I like to trade with the trend always.
4. Fib - D 0.382 + 4H 0.618
Mental SL placed below green highlight at the thick pink line at half the height of the 5min DB.
Price has moved more than 250pips from my entry and I am now secured at entry (so trading risk free).
Will leave it over night and hope to wake up tomorrow morning to my positions still being open.
Hope you had a good trading day! :)
Abbreviations:
TF = timeframe
TP = take profit
1H = 1 hour
4H = 4 hour
D = day
W = week
M = month
S&R = support & resistance
H&S = head & shoulders
EMA = exponential moving average
SL = stop loss
Trading in GMT time zone
Sharing my post day review and analysis in case it can help you!
Did my analysis at +- 5:30 am GMT (00:30 am EST)
Economic news - None
News - None
Directional bias - BUY
Morning analysis:
M TF - Remains very bullish, only 4 days till close. Green candle body is 9300 pips strong (at time of writing) - indicates overall bullish sentiment.
W TF - Last week's candle closed green, indicating that price broke the previous highest weekly close, came down all the way to retest this level and then last week's candle closed green as bulls successfully retested this level and this weekly resistance has now turned to support.
D TF - Huge gap up this morning (686 pips). Price finally broke above the 0.50 SELL fib level. Further indication of bullish sentiment.
4H TF - after the gap up for the start of the day, two long green candles closed on the 4H TF. One had a long wick down rejecting the D Sell 0.618 fib level. Buyers are rejecting this zone and pushing up.
I identified 2 areas of confluence (highlighted in green):
1. Strong 4H S&R zone that held down 5 x 4H candles + 4H 0.618 fib level (swing low at A. to swing high at B. This fib only became clear later in the day.) + 4H EMA
2. W 0.50 fib level + D EMA + D 0.618 fib level
If price comes down to any of these zones I will enter with a full position size and because these are strong areas of confluence (and Nas is so volatile), I would watch the 5min TF for signs that price is ready to reverse.
As the day progressed:
Price spike up high to B. and I closed a runner that I had open from last week (not at B. exactly but as price was coming down).
Price fell quickly after market open. I view this as a retracement and not a change to the very bullish sentiment that is so evident on the higher TF's.
Price come to my interest zone 1 and gave a nice little DB on the 5min TF
Entered a buy at the hand icon - Confirmations:
1. Market pattern - DB on 5min TF, with neckline broken upwards with a strong green momentum candle (I don't normally enter on this TF unless it is an area of confluence)
2. S&R - as mentioned strong resistance zone holding down 5 4H candles, now clearly turned to support. Also dynamic support provided by the 4H EMA
3. Trend - Buy is in the same direction as the overall trend. I like to trade with the trend always.
4. Fib - D 0.382 + 4H 0.618
Mental SL placed below green highlight at the thick pink line at half the height of the 5min DB.
Price has moved more than 250pips from my entry and I am now secured at entry (so trading risk free).
Will leave it over night and hope to wake up tomorrow morning to my positions still being open.
Hope you had a good trading day! :)
Abbreviations:
TF = timeframe
TP = take profit
1H = 1 hour
4H = 4 hour
D = day
W = week
M = month
S&R = support & resistance
H&S = head & shoulders
EMA = exponential moving average
SL = stop loss
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