I trade Nasdaq intraday exclusively
Trading in GMT time zone
Sharing my post day review & analysis in case it can help you :)
Did my analysis at +- 5:20am.
My feeling about today’s price action was that price would just consolidate as we all wait for this action packed week to kick off.
No amount of technical analysis will help – bears or bulls will step in depending on the earnings + guidance provided this week and FOMC.
My ideal plan would be to get a buy in as low as possible and then hopefully market would start pushing up in anticipation for the earnings on Tuesday. Then I would just hold as I expect earnings + guidance to be good and a further rally to ensue.
At time of analysis I noted the following:
Formation of a consolidation triangle (marked with turquoise lines)
Double top had formed on 1H TF (marked at yellow dot with purple lines), reached profit target (at B.) and now coming back to test neckline
Bears stepped in previously at A. (as seen by the red candles at A. on the 1H TF) but support of pivot point and 30min + 4H EMA was holding strong.
Turquoise uptrend line confirmed with 3rd touch and close above at B. therefore validating this uptrend line.
Green doji candle close on 1H TF at C.
I entered a buy at D. – confirmations:
S&R – price respecting 30min EMA well (when market is very bullish then this EMA is respected). When price started closing above the 1H EMA and 4H EMA, I knew that these EMA’s would not act as resistance.
Candlesticks – 1H green doji right on pivot point
Fib – none
Trendline – Turquoise uptrend line respected
It was an aggressive entry as 1H neckline still had not been broken through, but I felt that if market was going to drop from the neckline, then it would have done so at A. already.
Due to aggressive nature of this entry, I entered only 20% of my usual position size.
Mental stop was placed at thick pink line.
Market moved up, I secured at entry but bulls could not break through the 4H neckline at E. on this attempt.
Unfortunately, market came back down to take me out at entry.
I decided to stay out as market was choppy.
Unfortunately, price eventually took off without me. So I missed out on the move that I was anticipating and hoping for.
But Nasdaq is never short of entry opportunities, and I live to trade another day.
Hope you caught the buy!
What could I have done differently:
I should have set a buy limit at B. the night before, because price had not travelled the full distance as the height of the market pattern at the yellow dot.
This would have been such a great level to enter and hold for earnings!
Next time ;)
TF = timeframe
TP = take profit
1H = 1 hour
4H = 4 hour
D = day
W = week
M = month
S&R = support and resistance
EMA = exponential moving average
Trading in GMT time zone
Sharing my post day review & analysis in case it can help you :)
Did my analysis at +- 5:20am.
My feeling about today’s price action was that price would just consolidate as we all wait for this action packed week to kick off.
No amount of technical analysis will help – bears or bulls will step in depending on the earnings + guidance provided this week and FOMC.
My ideal plan would be to get a buy in as low as possible and then hopefully market would start pushing up in anticipation for the earnings on Tuesday. Then I would just hold as I expect earnings + guidance to be good and a further rally to ensue.
At time of analysis I noted the following:
Formation of a consolidation triangle (marked with turquoise lines)
Double top had formed on 1H TF (marked at yellow dot with purple lines), reached profit target (at B.) and now coming back to test neckline
Bears stepped in previously at A. (as seen by the red candles at A. on the 1H TF) but support of pivot point and 30min + 4H EMA was holding strong.
Turquoise uptrend line confirmed with 3rd touch and close above at B. therefore validating this uptrend line.
Green doji candle close on 1H TF at C.
I entered a buy at D. – confirmations:
S&R – price respecting 30min EMA well (when market is very bullish then this EMA is respected). When price started closing above the 1H EMA and 4H EMA, I knew that these EMA’s would not act as resistance.
Candlesticks – 1H green doji right on pivot point
Fib – none
Trendline – Turquoise uptrend line respected
It was an aggressive entry as 1H neckline still had not been broken through, but I felt that if market was going to drop from the neckline, then it would have done so at A. already.
Due to aggressive nature of this entry, I entered only 20% of my usual position size.
Mental stop was placed at thick pink line.
Market moved up, I secured at entry but bulls could not break through the 4H neckline at E. on this attempt.
Unfortunately, market came back down to take me out at entry.
I decided to stay out as market was choppy.
Unfortunately, price eventually took off without me. So I missed out on the move that I was anticipating and hoping for.
But Nasdaq is never short of entry opportunities, and I live to trade another day.
Hope you caught the buy!
What could I have done differently:
I should have set a buy limit at B. the night before, because price had not travelled the full distance as the height of the market pattern at the yellow dot.
This would have been such a great level to enter and hold for earnings!
Next time ;)
TF = timeframe
TP = take profit
1H = 1 hour
4H = 4 hour
D = day
W = week
M = month
S&R = support and resistance
EMA = exponential moving average