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US NAS 100

Nasdaq Intraday Review – Monday 29 Jan 2024I trade Nasdaq intraday exclusively Trading in GMT time zone Sharing my post day review & analysis in case it can help you :) Did my analysis at +- 5:20am. My feeling about today’s price action was that price would just consolidate as we all wait for this action packed week to kick off. No amount of technical analysis will help – bears or bulls will step in depending on the earnings + guidance provided this week and FOMC. My ideal plan would be to get a buy in as low as possible and then hopefully market would start pushing up in anticipation for the earnings on Tuesday. Then I would just hold as I expect earnings + guidance to be good and a further rally to ensue. At time of analysis I noted the following: Formation of a consolidation triangle (marked with turquoise lines) Double top had formed on 1H TF (marked at yellow dot with purple lines), reached profit target (at B.) and now coming back to test neckline Bears stepped in previously at A. (as seen by the red candles at A. on the 1H TF) but support of pivot point and 30min + 4H EMA was holding strong. Turquoise uptrend line confirmed with 3rd touch and close above at B. therefore validating this uptrend line. Green doji candle close on 1H TF at C. I entered a buy at D. – confirmations: S&R – price respecting 30min EMA well (when market is very bullish then this EMA is respected). When price started closing above the 1H EMA and 4H EMA, I knew that these EMA’s would not act as resistance. Candlesticks – 1H green doji right on pivot point Fib – none Trendline – Turquoise uptrend line respected It was an aggressive entry as 1H neckline still had not been broken through, but I felt that if market was going to drop from the neckline, then it would have done so at A. already. Due to aggressive nature of this entry, I entered only 20% of my usual position size. Mental stop was placed at thick pink line. Market moved up, I secured at entry but bulls could not break through the 4H neckline at E. on this attempt. Unfortunately, market came back down to take me out at entry. I decided to stay out as market was choppy. Unfortunately, price eventually took off without me. So I missed out on the move that I was anticipating and hoping for. But Nasdaq is never short of entry opportunities, and I live to trade another day. Hope you caught the buy! What could I have done differently: I should have set a buy limit at B. the night before, because price had not travelled the full distance as the height of the market pattern at the yellow dot. This would have been such a great level to enter and hold for earnings! Next time ;) TF = timeframe TP = take profit 1H = 1 hour 4H = 4 hour D = day W = week M = month S&R = support and resistance EMA = exponential moving average
PEPPERSTONE:NAS100
by Jinxx84
NAS100 | The continued rip and runNAS100 has been on a beautiful tear to the upside. The question is can it still continue? If so, the best price to continue buying above is 17,300.80. Why this price? This is where the buyers push price back up before continuing the increase of price up to 17,687.20. Price has now pulled back to provide a discount in price once again. For this discount to remain valid buying above 17,300.80 is sensible. What needs to be seen? The evidence buyers can come show themselves, basically, price action candlesticks. We can see price pushed off of structure(green line) before increasing. Now price is back at structure. Again, we will need to see if the buyers can push price back up. And again, price action is going to be the evidence or entering the trade upon open with the belief price can rise. As Van Tharp states in his book Trading Beyond The Matrix , " we don't trade the markets we trade our beliefs." My belief is price can rise if price doesn't strongly fall below the lower price of 17,300.80. If it does, this trade idea will be invalidated. Should you trade this? If you share the belief price will rise? Yes. If you do not believe price will continue to rise? no. Let's keep it that simple. Like and share this trade idea ❤️ Shaquan
OANDA:NAS100USDLong
by ShaquanLopez
Nasdaq Intraday Review – Friday 26 Jan 2024I trade Nasdaq intraday exclusively Trading in GMT time zone Sharing my post day review & analysis in case it can help you :) I'm reading a trade phycology book called the "Mental Game of Trading" by Jared Tendler. In it he explains that each trader has a C-game (where all your worst mistakes are made), a B-game (where you are a little bit profitable but are still making some mistakes) and an A-game (where you are really performing well). Today, I was making every single mistake in my C-game. Trading against the trend, cutting trades too soon, flip-flopping from a sell to a buy and chasing price. Don't know what the hell happened, that I suddenly made all these mistakes. But I am out for the day (at a loss, of course). Not trading when I am clearly in my C-game mentality! Disaster ;( But despite my horrible trading day....January has been my most profitable trading month ever. Bad days happen - one bad trading day does not make you a bad trader (don't let it get you down - just learn from it). Hope you are having a better day....good luck!
PEPPERSTONE:NAS100
by Jinxx84
Nasdaq Intraday Review – Thursday 25 Jan 2024I trade Nasdaq intraday exclusively Trading in GMT time zone Sharing my post day review & analysis in case it can help you :) Did my analysis at +- 5:20am. Looking exclusively for a buy – “The trend is your friend” Tesla earnings came in below expectations and Tesla execs advised of lower growth for 2024. Not good. Risk for the day was that Nasdaq might take a dip based on Tesla Earnings release. But what makes trading in ”earnings week/s” hard is that you never how what investors will be sensitive to. At time of analysis I noted the following: A double bottom had formed on the 1H TF (marked by black lines). Market was tracking a temporary uptrend line (marked in purple). 1H and 30min EMA + pivot point was above the candles (so bulls would need some strength to break through and would they have it after Tesla earnings?) Long wick candles had formed on the 1H TF rejecting the 0.50 buy fib level (fib drawn from swing low at B. to swing high at D.) A massive head and shoulders pattern had formed on the 1H TF (indicated by the pink lines) The neckline of this pink pattern was just above the 1H EMA, so a big chance for bears to step in and cause a big push down. I entered a buy at A. (at 60% of my usual position size) – Confirmations: Fib – candles rejecting the 0.50 buy fib level Candlesticks – long wick candles on the 1H TF Market pattern – break of the neckline of the double bottom on the 1H TF Trendline – market respecting the purple uptrend line An aggressive entry, especially based on what bulls had to break through after negative Telsa news. Mental stop loss placed by the thick pink line – if candles started breaking below 0.50 fib level then buy is invalidated. Bears fought hard at the neckline of the 1H head and shoulders, you can see the two red candles after A. Eventually bulls came out victorious and market pushed up. On New York open, market pushed down heavily to retest the pivot point and seems now (at time of writing) to be moving up. I closed 50% of my position when I noted that market open might push down hard. It can often be the case that New York has a totally different sentiment to the earlier traders and I was sensitive again to the bad Tesla earnings. Luckily I still have quite a significant runner open and will judge by price action on when to take profit – but rough plan is to maybe take profit once more today and consider leaving a runner for next week’s (hopefully) good earnings from some of the Magnificent Seven stocks. What could I have done differently: Sounds all good and easy on paper…but the reality is that I chickened out at E. and closed my full position. I re-entered again at about A. when I saw bulls regaining strength. I was super scared that bears would dominate, as the potential move down (the same distance as the height of the pattern) could have been to C. One of my development goals currently is learning to stick to my trade plan. Market was not at my stop loss and I acted out of fear. These small losses eat away unnecessarily at profit. Hope you navigated the market well today…it was a tough one! TF = timeframe TP = take profit 1H = 1 hour 4H = 4 hour D = day W = week M = month S&R = support and resistance EMA = exponential moving average
PEPPERSTONE:NAS100
by Jinxx84
Nasdaq Intraday Review – Wednesday 24 Jan 2024I trade Nasdaq intraday exclusively Trading in GMT time zone Sharing my post day review & analysis in case it can help you :) Did my analysis at +- 5:20am. Looking exclusively for a buy – “The trend is your friend” Netflix earnings came in showing good forecasts Risk for the day was that there may be hesitancy for traders to step into the market, as we wait for Tesla to report. At time of analysis I noted the following: Temporary pink downtrend line had been broken and retested at A. (also retest of pivot). Candles showing strong bull presence in the market (green momentum candles on 1H and 4H candles are all green). Rising wedge formation noted and marked in green lines 1H 20 EMA is tracking the dark blue trend line almost perfectly If market retraces, I would enter a buy with my full position size. Watching price action, I entered a buy at C. (at 20% of my usual position size). Confirmations: Market Pattern – Rising wedge formation formed on the 1H TF. Usually this pattern breaks to the downside but can break either way. Market broke to the upside this time. News – Netflix earning release + forecast were really good This was an aggressive entry – lack of strong confirmations. I usually don’t like buying at the peak, hence my small position size. But market sentiment was extremely bullish. Market pushed up, broke through the top line of the Day ascending wedge (marked in light blue), retested at E. and took off from there. Ultimately market moved up 1800 pips from my position. Logically I would have liked to close half my position size at the peak and leave the rest running in case Tesla earnings came out well and market moved further up. However, candles did not give a clear reversal pattern on the lower TF and by the time it did, the monetary value was not significant enough for me to actually take profit. I decided that because it was such an aggressive entry, that I might as well be aggressive and keep the whole position open and see what Tesla earnings does. Unfortunately for me, market came crashing down and I was out at entry with ZERO pips for the day. What could I have done differently: At the time market reversed, I was no longer in front of my trading screens and was monitoring on my phone. My ability to judge and “feel” a shift in sentiment from the price action is significantly reduced. I think that if I was in front of my screens I would have taken partial profits, but we can’t be in front of the screens 24/7. Ultimately, I will never regret a situation where I decide to be aggressive and then am out at entry. If Telsa had come out differently I would have been smiling all the way to the bank, so, happy to have taken that “go big or go home” risk. Hope you made some good bucks out of this move! TF = timeframe TP = take profit 1H = 1 hour 4H = 4 hour D = day W = week M = month S&R = support and resistance EMA = exponential moving average
PEPPERSTONE:NAS100
by Jinxx84
NAS100 - MY DAILY AND INTRADAY ANALYSES (TARGET 17300)Yes this is contrarian, markets are booming but it's quite overextended and going long at a top is the most monkey trader thing to do. I'll do a reverse analysis where I start with the intraday and follow up with the daily. So here's my take on things: What's on the intraday chart? (Follow the steps) 1) A 4 hour bearish FVG. This will serve as my entry zone. 2) Our 'support line'. You'll notice price keeps on making lower lows. 3) Our liquidity target. This is the price magnet. We know for certain (discretionary) that price will take this out. 4) The entry point. Again, do your own research. Do not follow the analysis from some random stranger on the internet and go all in (you degenerate). 5) The intraday target. The order of things matter. If we hit this before hitting the short entry then you might wanna reverse the idea but I do not like the idea of longing in an overextended market! What's on the daily chart? (Follow the steps) 1) The previous all time high that was violently broken. 2) Our swing extension target area. This is great to know where to take partials or close entire positions in new price territories. Of course price can always go further towards 2 or 2.618 or anything else (it's up to you where you wanna take partials). 3) The bearish candle pattern: kind-of a mix between a gravestone, a spinning top, a shooting star and whatever other label I can muster to justify my bias lol. To me this is the main driver of the bearish bias! 4) Maximum target. I do not see price going any lower and the intraday target is more sane so I don't really expect price to go that low either. 5) The continuation of the rally. People love buying. I do not see that changing anytime soon. As always, have a lovely day and happy trading! ;)
FX:NAS100Short
by Lexi_Is_Trading
Nasdaq Intraday Review – Tuesday 23 Jan 2024I trade Nasdaq intraday exclusively Trading in GMT time zone Sharing my post day review & analysis in case it can help you :) Did my analysis at +- 5:20am. At time of analysis I noted the following: I still had some buy positions running from yesterday. Noted that the early morning bulls had pushed up and were respecting the orange uptrend line. Unfortunately, bulls could not break through the pivot point and a double top formed close to C. on the 1H TF. When a doji candle closed at C. (bulls again not able to break through pivot point, which was also the 0.382 Fib sell retracement level (fib drawn from swing high at A. to swing low at B.)) – I knew market would sell and I closed all my buys from yesterday at a small loss. In my trading style, I would only want to trade with the trend (the trend is your friend). I felt like Nasdaq would not buy any further today until we have earnings forecasts on the table which justify a further rally. That would not come during the trading day today, because we are all waiting for Netflix tonight and Tesla tomorrow. Until there is a bigger TF confirmation of a sell, I am not interested in taking intraday sells on such a strong bull trend. My view was that market would consolidate and be choppy today. Judging by the price action, I feel it was. I did not enter again today but I do have a buy limit at E. because this is an area of confluence: Market pattern – At this level price would have moved down the same distance as the height of the 4H Head & Shoulders and would most probably retest the neckline. I like being part of a re-test that is in the same direction as the overall trend. S&R: 4H EMA is in this region Fib: this area is close to the 0.618 buy fib level and also in the proximity of the sellers TP2. What could I have done differently: Glad I stayed out today. Hope you managed to squeeze out some pips! Although not for me personally, the sell from D. was nice – 0.618 sell fib + 4H neckline + 1H & 4H market pattern (timeframe confluence). TF = timeframe TP = take profit 1H = 1 hour 4H = 4 hour D = day W = week M = month S&R = support and resistance EMA = exponential moving average
PEPPERSTONE:NAS100
by Jinxx84
Nasdaq Crash Loading - The Black Swan The current state of the NASDAQ indicates an extreme overbought condition, with a rally influenced by speculation surrounding six potential rate cuts in 2024. However, the risk arises from the Federal Reserve's concern about inflation. If the Fed, in response to persistent inflation, opts to raise rates, it could lead to a market decline. Conversely, a decision to cut rates may not be sufficient to buoy the stock market if the number of cuts is lower than expected. Examining current fundamentals, the housing market has stabilized with low prices and mortgage rates. Although there is a rebound, a potential increase in housing speculation and mortgage rates could prompt a reassessment. Improved employee wages contribute to consumer confidence against inflation. President Joe Biden's initiatives, such as pausing student loan payments in November and plans to provide homes for 500,000 Americans, may stimulate housing demand, causing prices to rise. This could prompt a review of interest rates and a tightening of monetary policies. While I maintain a long-term bullish outlook, anticipating a correction of at least 50%, it is prudent to reevaluate macroeconomic indicators at that point to determine whether to take profits or continue holding.
NASDAQ:NDXShort
by ttfx098_
Nasdaq Intraday Review – Monday 22 Jan 2024I trade Nasdaq intraday exclusively Trading in GMT time zone Sharing my post day review & analysis in case it can help you :) Did my analysis at +- 5:20am. At time of analysis I noted the following: Early morning bulls had push up even further. Bullish trend is clear and I will be looking exclusively for a buy – “The trend is your friend” However, on pulling the fib (drawn from swing low at A. to swing high at B1.) on the 4H TF and noting the pivot point – I note that the retracement levels are far down from were price currently is. In this instance one must be careful because even a shallow retracement can be more than 1000 pips down and the pivot point is +- 2000 pips down. So if you are like me and only put your daily trading budget into your account, one can easily bust your account by going in too early with a buy and then market retraces further. Also, bulls pushed straight up on Friday with zero retracement, so the chance for a retracement today is high. As the morning progressed, a small double top formed on the 1H TF. Neckline broke and price moved down. The purple support line held seven long wick candles from breaking down (candle 1. and 7. are indicated). So even though sellers were pushing down hard, buyers held the support strong. I entered a small buy at C. (20% of my usual position size) – Confirmations: Candles sticks – long wick candles on the 1H TF indicating sellers were unable to push down S&R – Support zone holding strong Market pushed up 434 pips and as it came down again I closed half of that position at a small loss. I limited my risk because I noted that market had touched the top trend line of the D ascending wedge and then moved bearish from there. I wanted to protect my margin as a bigger retracement might take place and I would rather get in lower. So now I had 10% of my usual position open. I don’t regret this entry and still think it was a valid entry. My plan was to open another small position at the 1H 20 EMA at E. (depending on the 5min price action in this zone and then another bigger % buy position at the 4H 0.382 retracement level (to me this is an area of confluence because there is an uptrend intersecting with this zone). When market opened at 2:30pm GMT, price touched the top trend line at B2, but still closed in the green. I entered another 20% buy as this candle closed (at D.) at 3pm GMT. This was a hasty entry and one that I regret. I only entered because the 4H candle closed green and I felt like the purple support zone was holding strong on the 4H TF. I didnt think about a possible double top forming on the 4H (how silly am I). But I should have stuck with my original plan because market came down almost immediately and a double top formed on the 4H. As market came down, I realized my mistake and closed half of my position at D. to limit my loss in case of a bigger retracement. So I had a small position at C. and at D. still open. I entered as planned another small buy at E. But market didn’t really move much. I suspect investors are waiting for Netflix earnings tomorrow. So I am now in a predicament. The day is nearly done and I have 3 small buy positions open. If I look at how the candles are reacting to the 1H and 30 min EMAs, I don’t like what I see. But there are long wick candles and a strong previous bulls reaction near the 0.382 retracement level. Do I close and take my losses for the day? Or chance it and swing it till tomorrow? It just feels wrong to close a buy on such a strong bull run…but then again, everyone is watching earnings with bated breath to see if the Nadaq highs are validated. What could I have done differently: Not entered at D. But overall, even though the sell was the best move for the day, I don't regret my trading plan for today. I would not have entered a sell on such a bullish trend. Maturity is starting to show in my risk management and my choice of position size in these more aggressive entries. At least I kept it small! Hope you had a great trading day and squeezed out some pips! TF = timeframe TP = take profit 1H = 1 hour 4H = 4 hour D = day W = week M = month S&R = support and resistance EMA = exponential moving average
PEPPERSTONE:NAS100
by Jinxx84
1/22 Weekly Plan. ES Futures March NQH24 Weekly Pivot is 17,3901/22 Weekly Plan. NQ Futures March ESH24 Weekly Pivot is 17,390 Targets 17,480 17,625 17,770 Targets 17,270 17,158 17,022 Now trading at 17,563 (between uT1-2) Alerts You will receive alerts in this channel every time NQ hits (2M candle close): Weekly opening 17,466 Weekly pivot at 17,390 Each weekly target. Side notes NQ is currently OTFU in all timeframes (D-W-M), daily which would come to an end if 17,166 is breached during RTH session.
CME_MINI:NQ1!
by dhjesus
Ichimoku Kinko Hyo - The Most Underrated Indicator (e.g. NAS100)Welcome to my first educational post. This is a big one, Ichimoku Kinko Hyo is the most underused, underrated, least understood and yet most powerful trend indicator available to the general public. I'll first briefly describe the 4 components: - Tenkan Sen (turning line): it's like a small period moving average but calculated slightly differently. So if price breaks it, it's a first signal of a trend reversal but always wait for the retest. - Kijun Sen (standard line): it's like a larger period moving average but like the Tenkan it's calculated differently. One interesting note is that when it flatlines it represents the 0.5 fib level of the current range. Together, they are used for crossovers just like classic moving averages. - Kumo (Cloud): which is composed of 2 special moving averages called the Senkou Span A and the Senkou Span B. Generally serves as a support/resistance zone and is also subject to crossovers that can confirm reversals (not signal) since it is too slow to signal them. The thicker the cloud the stronger the trend and vice versa. - Chikou Span (Lagging Span): Mirrors current price action 26 periods in the past. In simple terms, it puts things into perspective and can detect potential blocking points for price. Here is a case study of the NAS100 and monthly Ichimoku: What do we see? (Follow the steps) 1) Price breaking the Tenkan and retesting it twice. This is already a major bearish signal. 2) Following the Tenkan break, price doubled down and broke the Kijun + retested it TWICE! A strong bearish confirmation that the downtrend will continue. 3) The Tenkan/Kijun crossover, this is like a death cross of MAs (look it up). 4) This is a reversal signal. You'll notice how price never touched the cloud again. The monthly Ichimoku really puts things into perspective. It really enables you to see the bigger picture and that it is okay to buy in a bear market. You just have to let it guide you. 5) First confirmation of the reversal: the break of the Tenkan + retest. 6) Second confirmation of the reversal: the break of the Kijun + no retest was even needed. 7) 'Golden cross', the Tenkan/Kijun crossing over which is the third confirmation and that price is simply extremely bullish. 8) The Chikou Span breaking past price. This is similar to price breaking a resistance level, it gives the same kind of signal. This is the final bullish confirmation. This a very summarised explanation of how the Ichimoku Kinko Hyo indicator should be used BUT if you want to learn more about it, I strongly suggest you read the book by Karen Péloille: Trading With Ichimoku, A Practical Guide to Low-Risk Ichimoku Strategies. As always, have a lovely Sunday and happy trading! ;)
FX:NAS100Education
by Lexi_Is_Trading
3
Nasdaq Intraday Review – Friday 19 Jan 2024I trade Nasdaq intraday exclusively Trading in GMT time zone Sharing my post day review & analysis in case it can help you :) Did my analysis at +- 5:20am. At time of analysis I noted the following: The early morning bulls had pushed up significantly. This means that my bias would definitely be bullish and that I would look exclusively for a buy. Exclusively bullish because market broke the purple downtrend line and also the previous all-time high level. I had a small runner open from yesterday’s position (runner = 10% of my original position size). I noted the weakness in the price action at C. and the 4H red doji candle close at 7am GMT, I thought market would retrace and maybe test the previous all-time high level (marked in green) before reaching to the top of the Day ascending triangle (at B.) Unfortunately I closed my runner at C. and waited for a nice re-entry. For my trading style, no re-entry signal was given….bulls just pushed straight up. There was a small double bottom on the 15min TF, but I did not feel confident enough to enter a buy based on this alone. Ideally I would have liked to keep my runner open to grab those extra 1000 pips. I closed my runner at about 2600 pips profit, which isn’t bad, but 3600 would have been better! Weekend starts now! Hope you caught the buy! TF = timeframe TP = take profit 1H = 1 hour 4H = 4 hour D = day W = week M = month S&R = support and resistance EMA = exponential moving average
PEPPERSTONE:NAS100
by Jinxx84
NASDAQ to continue in the upward move?NAS100USD - Intraday The 261.8% Fibonacci extension is located at 17117 from 16568 to 16773. A Fibonacci confluence area is located at 17184. There is scope for mild selling at the open but losses should be limited. Previous resistance, now becomes support at 17000. The medium term bias is neutral. We look to Buy at 17000 (stop at 16900) Our profit targets will be 17250 and 17290 Resistance: 17117 / 17184 / 17200 Support: 17000 / 16902 / 16801 Risk Disclaimer The trade ideas beyond this page are for informational purposes only and do not constitute investment advice or a solicitation to trade. This information is provided by Signal Centre, a third-party unaffiliated with OANDA, and is intended for general circulation only. OANDA does not guarantee the accuracy of this information and assumes no responsibilities for the information provided by the third party. The information does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. You accept that you assume all risks in independently viewing the contents and selecting a chosen strategy. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, Oanda Asia Pacific Pte Ltd (“OAP“) accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore customers should contact OAP at 6579 8289 for matters arising from, or in connection with, the information/research distributed.
OANDA:NAS100USDLong
by OANDA
NAS100 & SPX500 - WHAT IS HAPPENING TODAY? (CONFLICTED)We are at a pivoting point in the markets, everything seems to be bullish and yet I have this bearish itch. Markets seem to be overpriced, notably the NQ. However the S&P500, has had a healthier correction and the continuation of its rally makes more sense. Since both markets are highly correlated, it would be absurd to short the NQ while the S&P500 looks so bullish. Why do I want to short the NQ? Technically it hasn't retraced as sanely as the S&P500 but that may be the nature of both markets. The NQ being more irrational (more speculative) than the rest, especially with the AI craze. So here's my two cents worth on the matter! What is on the charts? (follow the steps) 1) Highs that wicked many times in the daily bearish FVG. 2) Significant high that as I'm writing this has been taken out. 3) The retail sales session that took out lows and this is also what has me question the rally. If it is supposed to be bearish info why isn't price dropping? These are the reasons why I do not trade on certain days because I do not see clearly all the time. 4) Asian session lows, a great target for shorts. 5) A retest (or break of the daily FVG). I am not a breakout trader which is why I am not focusing on the bullish outcome because I couldn't tell you how to trade it optimally. 6) The bearish structure (that may never present itself). This all depends on the S&P500, for me to accept a short I need that double confirmation. So right now I accept everything as bullish unless shown otherwise. 7) Asian session lows taken out. 8) Finally the healthier correction that I'd want for the NQ to accept a more bullish approach. As always, happy trading everyone and have a lovely day! ;)
FX:NAS100
by Lexi_Is_Trading
Nasdaq Intraday Review – Thursday 18 Jan 2024I trade Nasdaq intraday exclusively Trading in GMT time zone Sharing my post day review & analysis in case it can help you :) Did my analysis at +- 5:20am. At time of analysis I noted the following: A double bottom had formed on the 1H and 4H TF. When market patterns form on both the 1H and 4H TFs, we have multi-timeframe confluence, and this is a very powerful confluence on Nasdaq (so always keep on eye out for these). The 1H double bottom had already broken the neckline by the time I did my analysis and rested the neckline at A. I was waiting for 4H to also break neckline with a candle close above the 4H market pattern neckline and a break through 20 EMA. I noted that the temporary orange down trend line had already been broken by the early morning bulls. The 1H candles were already closing above 1H 20 EMA The 30min 20 EMA was acting as dynamic support Pivot point was already below the candles and had also been retested at B. Fib: market had reached down nearly to 0.50 retracement level on D TF and now moving up All this combined, indicated that bulls were in the market. I entered a full position buy at C. Confirmations – Market Pattern: Double bottom on 1H and 4H TF had the necklines broken. Also on the 15min TF you can see a triangle chart pattern (consolidation pattern) which was broken to the upside. Candlesticks: None specifically but all 4H candles had been green since the early morning, indicating bull momentum Trendline: Temporary orange downtrend was already broken earlier in the morning S&R: candles were above 1H 20 EMA already and break of the 4H market pattern neckline also meant candle closed above 4H 20 EMA, so 4H 20 EMA would not be a resistance. Mental stop was placed below the pivot + 20 EMAs, because if candles started closing below this point then market would sell. You can see the doji’s on the 1H TF where buyers and sellers were fighting it out to determine if yesterday’s neckline would hold again today. Market pushed up and we are now at all-time highs again! :) I took partial profits twice at E. because this was the downtrend line (shown with the purple line) that was respected numerous times before. Also E. was roughly the same distance as the height of the 4H double bottom (indicated by the black line at F.). So chances were great that bears would step in at this point and the fight between bears and bulls can be seen by the candles / price action on the 15min TF. Eventually Nas broke to the upside and market is currently (at time of writing this) +- 2200 pips from my entry. Hope you caught the buy and making some good MONEY! What could I have done differently: It was a perfect day…wish everyday could be like this! Just want to say, that learning to trade was / is the hardest thing I have ever learnt to do (and I say that as a qualified Chartered Accountant). Don't give up on your trading dream. Some days are so good (like today) and other days are so so SOOOOO hard. Keep learning, keep growing, keep working on your mental game....it will all be worth it....just don't stop! :) :) TF = timeframe TP = take profit 1H = 1 hour 4H = 4 hour D = day W = week M = month S&R = support and resistance EMA = exponential moving average
PEPPERSTONE:NAS100
by Jinxx84