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 +- 6am GMT (1am EST)
Economic news - Initial Jobless Claims @ 13h30
News - Netflix Earnings
Directional bias - BUY
My trading journal didn't save all my detailed morning analysis text (#irritating) :(
So to repeat, short and sweet....
I kept my bias today as a BUY because I was of the opinion that market would retrace and test the neckline area of D market pattern.
Reason for this opinion:
1. Day DT Profit target reached (market pattern completed)
2. Seller's TP2 reached
3. The lime green thick line is a strong resistance level on the W TF and if price breaks this support, then we are in for another big drop as indicated by the purple arrow.
So I felt like price would retrace, all the way up to the sell fib levels.
I entered buy's twice, based on DB's forming and breaking necklines upwards + temporary downtrend lines broken.
Mental SL was placed at the thick pink lines.
On both occasions price moved more than 250 pips away from my entry and I was able to secure my trade at entry.
Got taken out twice at entry as price moved back down and then I lost faith that bulls could overpower the bears to at least force a deep retracement today.
So no pips for me today.
Hope you had a better day!
Catch ya tomorrow! :)
Abbreviations:
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
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 +- 6am GMT (1am EST)
Economic news - Initial Jobless Claims @ 13h30
News - Netflix Earnings
Directional bias - BUY
My trading journal didn't save all my detailed morning analysis text (#irritating) :(
So to repeat, short and sweet....
I kept my bias today as a BUY because I was of the opinion that market would retrace and test the neckline area of D market pattern.
Reason for this opinion:
1. Day DT Profit target reached (market pattern completed)
2. Seller's TP2 reached
3. The lime green thick line is a strong resistance level on the W TF and if price breaks this support, then we are in for another big drop as indicated by the purple arrow.
So I felt like price would retrace, all the way up to the sell fib levels.
I entered buy's twice, based on DB's forming and breaking necklines upwards + temporary downtrend lines broken.
Mental SL was placed at the thick pink lines.
On both occasions price moved more than 250 pips away from my entry and I was able to secure my trade at entry.
Got taken out twice at entry as price moved back down and then I lost faith that bulls could overpower the bears to at least force a deep retracement today.
So no pips for me today.
Hope you had a better day!
Catch ya tomorrow! :)
Abbreviations:
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
SL = stop loss
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.