Nasdaq Intraday Review - Monday 11 Nov 2024I 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, today is Veterans Day, market may be slow
News - None
Directional bias - BUY. The strong upsurge in the stock markets are a clear indication that the markets view the US election results favourably. Bulls have stepped in with both volume and momentum.
Morning analysis:
M TF - very bullish, candle is 13'000 pips strong at time of writing. Still 18 days to go till candle close but definitely indicative of strong bull sentiment
W TF - Finally the W candle managed to close above the strong weekly resistance at 20'363.
D TF - Friday's candle closed as a doji candle, could be an indication that price is stalling and a bigger price retracement is in the works. D TF and W TF fib levels are aligned, this will make this fib levels very strong. Huge gap up of +- 600 pips noted.
As the morning progressed, the 4H fib moved and finally settles on swing low at A. and swing high at B.
Identified an area of interest / confluence (highlighted in green), where pivot point and 4H 0.618 fib are in the same zone
Price should at least bounce from here, enough for me to secure my position at entry.
As the morning progressed, price moved down rapidly to my interest zone. Once price reached this green highlighted area, I start to keep an eye on the 5min TF because this is an area of high probability of price movement and with Nasdaq being so volatile, this TF can give signals at these high interest zones.
Entered a buy at the hand icon - Confirmations:
1. Trend - a buy is in the same direction as the overall trend. I prefer trading with the trend as “the trend is your friend”.
2. S&R - the daily pivot point represents an objective and strong support & resistance zone which Nasdaq often respects.
3. Market pattern - a DB formed on the 5min and broke the neckline up, indicating that buyers are over-powering the sellers at this zone
4. Fib - 4H 0.618 fib level was in this zone
Mental SL placed below the lowest candle close of the first bottom of the DB on the 5min TF (marked with think pink line).
Market moved up enough for me to secure my trade (I usually secure my trades once price is 250 pips or more from my entry).
But then unfortunately moved back down and took me out at entry!
Today represented a big retracement.
In my trading style I don’t like to trade against the overall trend (I don’t trade retracements), so I would never have taken a sell.
But hope you got the sell, you would have coined it today! ;)
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
