2022 Nov 16 ~ NASDAQ (CORE RETAIL SALES USD News Trade)
Aggiornato
Risk/Reward
TP 1 - 5:1 *ACHIEVED
TP 2 - 11:1
Bias: SHORTS
Confluences for this trade is as follows:
Macro
Daily - Rejection off of major daily key level AND psychological zone @ price point 12000.0
4h - Yesterday's US session rejected said key level/psychological zone. In this timeframe it is translated as a strong bearish leg.
- During last nights London/Asia session(s) this timeframe created a potential evening star price action as the recent 4 hourly candles closing with one bullish candle
followed by a doji candle right before US session opened up this morning. Indicating that a new formation of a "lower high" is being formed due to the fact that it closed
below the previous market structure high on this timeframe (pointed out in the RED arrows). As a result, potentially changing the market condition on this timeframe
from BULLISH to BEARISH . (Break of Market Trend)
Micro
15m - Double top market structure formed from last night's London session, followed by its neckline being retested upon today's US session open
- Yesterday's (Monday) US session zone used as entry retest zone
5m/1m - Waited for bearish rejection candle(s) closing for entry point.
Fundamental
US Retail Sales MoM - Actual data came out stronger than consensus data. Consensus: 1.0%, Actual: 1.3%
Remarks: News release came out as POSITIVE for the USD thus, giving NASDAQ NEGATIVE direction. DXY goes up, then NASDAQ goes down.
Other Notes: Already closed a majority of profits due to TP 1 being achieved (TP 1 risk/reward is 5:1). In my opinion is a decently sizeable trade, so once today's US session is closed, I'm putting stops to breakeven and letting the trade run until either breakeven gets tapped or achieves TP 2 (11:1). One more note is that if for whatever reason I get stopped out BEFORE US Session closes, I'm not too worried about it due to closing out a majority of profits from TP 1.
What to look for in the near future: Due to what happened during today's Daytrading, I will once again be looking for shorts in the next coming days later this week. BUT will only target the NEXT Daily key level due to the fact that the DAILY timeframe is still relatively in a strong BULLISH CONDITION market, despite what had happened on the 4 hourly timeframe. The next key target being 11600.0 which is also a major psychological zone for this market.
TP 1 - 5:1 *ACHIEVED
TP 2 - 11:1
Bias: SHORTS
Confluences for this trade is as follows:
Macro
Daily - Rejection off of major daily key level AND psychological zone @ price point 12000.0
4h - Yesterday's US session rejected said key level/psychological zone. In this timeframe it is translated as a strong bearish leg.
- During last nights London/Asia session(s) this timeframe created a potential evening star price action as the recent 4 hourly candles closing with one bullish candle
followed by a doji candle right before US session opened up this morning. Indicating that a new formation of a "lower high" is being formed due to the fact that it closed
below the previous market structure high on this timeframe (pointed out in the RED arrows). As a result, potentially changing the market condition on this timeframe
from BULLISH to BEARISH . (Break of Market Trend)
Micro
15m - Double top market structure formed from last night's London session, followed by its neckline being retested upon today's US session open
- Yesterday's (Monday) US session zone used as entry retest zone
5m/1m - Waited for bearish rejection candle(s) closing for entry point.
Fundamental
US Retail Sales MoM - Actual data came out stronger than consensus data. Consensus: 1.0%, Actual: 1.3%
Remarks: News release came out as POSITIVE for the USD thus, giving NASDAQ NEGATIVE direction. DXY goes up, then NASDAQ goes down.
Other Notes: Already closed a majority of profits due to TP 1 being achieved (TP 1 risk/reward is 5:1). In my opinion is a decently sizeable trade, so once today's US session is closed, I'm putting stops to breakeven and letting the trade run until either breakeven gets tapped or achieves TP 2 (11:1). One more note is that if for whatever reason I get stopped out BEFORE US Session closes, I'm not too worried about it due to closing out a majority of profits from TP 1.
What to look for in the near future: Due to what happened during today's Daytrading, I will once again be looking for shorts in the next coming days later this week. BUT will only target the NEXT Daily key level due to the fact that the DAILY timeframe is still relatively in a strong BULLISH CONDITION market, despite what had happened on the 4 hourly timeframe. The next key target being 11600.0 which is also a major psychological zone for this market.
Trade chiuso: obiettivo raggiunto
Upon US session open this morning, I was expecting price to tap into 11800.0 zone once news was released for USD before flooding back down to the overall take profit zone @ 11600.0 (Daily Key level).But what ended up happening is that during London session last night I saw that 11800.0 zone was tapped and price went flooding down to the overall take profit, even before US session opened up this morning.
Nevertheless, overall target is achieved for a total of 11:1 risk/reward.
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