Nasdaq Intraday Review - Monday 16 Dec 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, FOMC this Wednesday
News - None
Directional bias - BUY, Nasdaq is bullish overall so want to trade with the trend - "The trend is your friend".
Morning analysis:
M TF - Very Bullish, large green candle in formation
W TF - Very Bullish, large green candle in formation
D TF - Friday's candle closed in a rough doji candle formation which could signal that bulls are running out of steam to push price higher. But the candle did close green higher than the previous D highest candle close. So bulls did manage to break the resistance of the previous Day's highest close. I took this to be a bullish signal.
4H TF - Price gapped up as extended hours started trading today. Bulls pushed upwards and when I opened my charts there were a few red candles on the 1H TF.
1H TF - Noted a temporary downtrend line formed (marked in turquoise).
Noted 2 x interest areas / areas of confluence (marked in green highlight):
1. Top green area = 1H + D + 4H fib levels + Day pivot point. This represents time frame confluence and a great area of reversal.
2. Bottom green area = 4h EMA (at some point this morning, it has now moved due to passage of time) + 4H + D 0.618 fib level.
4H fib drawn from swing low at A. to swing high at B.
1H fib drawn from swing low at C to swing high at D.
As the day progressed:
Price started reacting to the top highlighted green area, until a DB formed on the 15min TF, signalling that price was ready to move up.
Entered in the green candle close at the hand icon, which represents a nice momentum candle + breaking the temporary downtrend line.
Confirmations:
1. Market pattern - DB on the 15min TF = reversal pattern in the direction I want
2. S&R - DB formed above the pivot point + 1H EMA providing dynamic support
3. Trend - Temporary downtrend line broken and trade is in the overall direction of the market
4. Fib - Price reacting to 1H + 4H + D fib levels representing strong TF confluence
5. Candlesticks - DB neckline broken with a strong momentum candle on the 15min TF
Mental SL placed at half the height of the 15min DB (marked with the think pink line).
Price moved up nicely and I took partial profits at the top hand icon at 1'725 pips, which represented the TP1 of the 4H / D fib extension (as shown).
Holding the rest until candles give the indication to close eg. DT forming on the 15min TF, with neckline broken down.
Easy peasy day at my trading desk - wish every day was this easy! :)
Hope you had a good 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, FOMC this Wednesday
News - None
Directional bias - BUY, Nasdaq is bullish overall so want to trade with the trend - "The trend is your friend".
Morning analysis:
M TF - Very Bullish, large green candle in formation
W TF - Very Bullish, large green candle in formation
D TF - Friday's candle closed in a rough doji candle formation which could signal that bulls are running out of steam to push price higher. But the candle did close green higher than the previous D highest candle close. So bulls did manage to break the resistance of the previous Day's highest close. I took this to be a bullish signal.
4H TF - Price gapped up as extended hours started trading today. Bulls pushed upwards and when I opened my charts there were a few red candles on the 1H TF.
1H TF - Noted a temporary downtrend line formed (marked in turquoise).
Noted 2 x interest areas / areas of confluence (marked in green highlight):
1. Top green area = 1H + D + 4H fib levels + Day pivot point. This represents time frame confluence and a great area of reversal.
2. Bottom green area = 4h EMA (at some point this morning, it has now moved due to passage of time) + 4H + D 0.618 fib level.
4H fib drawn from swing low at A. to swing high at B.
1H fib drawn from swing low at C to swing high at D.
As the day progressed:
Price started reacting to the top highlighted green area, until a DB formed on the 15min TF, signalling that price was ready to move up.
Entered in the green candle close at the hand icon, which represents a nice momentum candle + breaking the temporary downtrend line.
Confirmations:
1. Market pattern - DB on the 15min TF = reversal pattern in the direction I want
2. S&R - DB formed above the pivot point + 1H EMA providing dynamic support
3. Trend - Temporary downtrend line broken and trade is in the overall direction of the market
4. Fib - Price reacting to 1H + 4H + D fib levels representing strong TF confluence
5. Candlesticks - DB neckline broken with a strong momentum candle on the 15min TF
Mental SL placed at half the height of the 15min DB (marked with the think pink line).
Price moved up nicely and I took partial profits at the top hand icon at 1'725 pips, which represented the TP1 of the 4H / D fib extension (as shown).
Holding the rest until candles give the indication to close eg. DT forming on the 15min TF, with neckline broken down.
Easy peasy day at my trading desk - wish every day was this easy! :)
Hope you had a good 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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