Nasdaq Intraday Review - Wednesday 6 March 2024
I trade Nasdaq intraday exclusively
Trading in GMT time zone
Sharing my post day review and analysis in case it can help you!
Did my analysis at +- 5:20am
On 5 March I entered buy positions at C.
Refer to that post for confirmations
Market moved up, breaking the 1H neckline and retesting the neckline at E.
Bulls pushed through all obstacles (i.e. various EMA's and pivot point)
Ultimately though, bears stepped in on sellers 0,618 fib level (at D.) and pushed down heavily
Bulls were unable to close above the 4H EMA - meaning that the 4H EMA will be a strong resistance on 7 March.
A large double top formed with neckline and profit target (height of the market pattern) marked in black lines
Bears broke the neckline down, with a neckline retest at F. and market pushed down further.
Ultimately market moved 2594 pips from my entry and I closed half my position in the region of F. (1344 pips)
Reason for closing at F. = bearish market pattern with neckline break
The remaining half of my position will be left running and hope that NFP will buy tomorrow, otherwise I will be taken out at entry.
I suspect that market may be weird today as we approach NFP tomorrow.
What could I have done differently?
No very happy with the pips I grabbed. I feel I should have closed out more pips since market moved so high.
Looking at the 30min chart, there is a clear DT (at D.) and I should have taken profit at break of this neckline
This would have meant I would have secured 630 pips more
Bulls were so strong throughout the day and I was hoping that buyers would step in again at the 1H EMA.
But a double top on the 30min TF at a seller's 0.618 fib level cannot be ignored!
Happy Trading! :)
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
DT = Double Top
DB = Double Bottom
Trading in GMT time zone
Sharing my post day review and analysis in case it can help you!
Did my analysis at +- 5:20am
On 5 March I entered buy positions at C.
Refer to that post for confirmations
Market moved up, breaking the 1H neckline and retesting the neckline at E.
Bulls pushed through all obstacles (i.e. various EMA's and pivot point)
Ultimately though, bears stepped in on sellers 0,618 fib level (at D.) and pushed down heavily
Bulls were unable to close above the 4H EMA - meaning that the 4H EMA will be a strong resistance on 7 March.
A large double top formed with neckline and profit target (height of the market pattern) marked in black lines
Bears broke the neckline down, with a neckline retest at F. and market pushed down further.
Ultimately market moved 2594 pips from my entry and I closed half my position in the region of F. (1344 pips)
Reason for closing at F. = bearish market pattern with neckline break
The remaining half of my position will be left running and hope that NFP will buy tomorrow, otherwise I will be taken out at entry.
I suspect that market may be weird today as we approach NFP tomorrow.
What could I have done differently?
No very happy with the pips I grabbed. I feel I should have closed out more pips since market moved so high.
Looking at the 30min chart, there is a clear DT (at D.) and I should have taken profit at break of this neckline
This would have meant I would have secured 630 pips more
Bulls were so strong throughout the day and I was hoping that buyers would step in again at the 1H EMA.
But a double top on the 30min TF at a seller's 0.618 fib level cannot be ignored!
Happy Trading! :)
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
DT = Double Top
DB = Double Bottom
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