Nasdaq Intraday Review - Monday 4 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 (just before 1am EST)
Looking exclusively for a buy because "the trend is your friend"
During analysis noted the following:
Price consolidating in a triangle on 1H (marked by blue circle)
I feel the market will retrace today
Two interest zones identified
Zone 1:
Area of confluence because -
Pivot point
4H 0,382 fib level (fib drawn from swing low at A to swing high at B)
Market pattern - Just past profit target if a double top forms; market tends to reverse at or near profit target to re-test the neckline. I like being part of a re-test that is the same as the overall trend (bullish in this case)
Zone 2:
Area of confluence because -
4H 0,618 fib level
D 0,382 fib level
4H EMA (was in this region at time of analysis and throughout the day)
I set buy limits at each zone as follows:
A smallish buy position at Zone 1, because for me the confirmations are not soo strong and it really depends on price action so I will judge the market sentiment based on candles to see if I add more
A large buy position at Zone 2, because these are strong confirmations and price should at least bounce from here.
Ultimately a DT did form and break the neckline down. But market was very slow and none of my zones of interest were triggered.
In the evening, I cancelled my buy order in Zone 1 because I felt market was very slow and I wouldn’t get the reaction that I wanted in this area.
Clearly, investors are waiting for the inflationary data this week.
What could I have done differently?
Nothing
Hope you had a good trading day! :)
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 (just before 1am EST)
Looking exclusively for a buy because "the trend is your friend"
During analysis noted the following:
Price consolidating in a triangle on 1H (marked by blue circle)
I feel the market will retrace today
Two interest zones identified
Zone 1:
Area of confluence because -
Pivot point
4H 0,382 fib level (fib drawn from swing low at A to swing high at B)
Market pattern - Just past profit target if a double top forms; market tends to reverse at or near profit target to re-test the neckline. I like being part of a re-test that is the same as the overall trend (bullish in this case)
Zone 2:
Area of confluence because -
4H 0,618 fib level
D 0,382 fib level
4H EMA (was in this region at time of analysis and throughout the day)
I set buy limits at each zone as follows:
A smallish buy position at Zone 1, because for me the confirmations are not soo strong and it really depends on price action so I will judge the market sentiment based on candles to see if I add more
A large buy position at Zone 2, because these are strong confirmations and price should at least bounce from here.
Ultimately a DT did form and break the neckline down. But market was very slow and none of my zones of interest were triggered.
In the evening, I cancelled my buy order in Zone 1 because I felt market was very slow and I wouldn’t get the reaction that I wanted in this area.
Clearly, investors are waiting for the inflationary data this week.
What could I have done differently?
Nothing
Hope you had a good trading day! :)
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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