Nasdaq Intraday Review – Monday 4 Dec 2023

I trade Nasdaq intraday exclusively
Trading in GMT time zone
Sharing my post day review & analysis in case it can help you

- Today I was looking exclusively for a buy as Nasdaq is strong bullish – “The trend is your friend”. Temporary trend is a down trend but overall, I feel the trend is bullish
- Did my analysis at +-5:20am GMT
- Noted a spinning top on W TF – indecision between buyers and sellers. Could signal that buyers are losing momentum
- Noted an ascending triangle on D TF - broken to the downside and re-tested and now moving down
- Noted consolidation rectangle on D TF


- At 11am GMT I entered a buy at 1. (green circle):
Confirmations:
4H EMA dynamic support for 50 EMA held
4H 0.50 Fib Level
4h Doji candle stick
Retest of neckline of the 4H double bottom seemed to have held (double bottom marked by purple circles)

Stop loss was a mental stop placed at bottom of the ascending triangle (marked with thick pink line just below 2.)

On 1 hour TF I didn’t like the way the candles were moving and ultimately decided to close taking a 119 loss.

- Entered a buy again at 2.
Confirmations:
Uptrend line which held previously
Roughly 4H 0.618 fib level
And what I judged to be sellers TP1 on the 1H TF (i.e I felt the sell would have come to an end at this level)

Stop was a mental stop at the thick pink line just below 2.

But I entered a buy without having strong enough confirmations and did not pull out at my mental stop level.

This is the problem with mental stops....and that is that sometimes it can be really hard to pull the plug psychologically.

A mistake that I paid dearly for.
Took a loss of 890 pips – OUCH!

So theme for today – CRASH AND BURN!

But I still preserved some capital and live to fight another day.
Biggest thing I did wrong today – not follow my mental stop. Would have reduced my loss to 100 pips instead of 890 pips.

- Ultimately 1000 pips LOSS for the day.
- Got the market totally wrong and I am out for the rest of the day!
- No revenge or over trading for me.
- Hope you did better than me...good luck if you are still trading!


TF = timeframe
TP = take profit
1H = 1 hour
4H = 4 hour
D = day
W = week