Nasdaq Intraday Review - Monday 4 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 (just before 1am EST)

Looking exclusively for a buy because "the trend is your friend"

During analysis noted the following:

Price consolidating in a triangle on 1H (marked by blue circle)
I feel the market will retrace today

Two interest zones identified

Zone 1:
Area of confluence because -
Pivot point
4H 0,382 fib level (fib drawn from swing low at A to swing high at B)
Market pattern - Just past profit target if a double top forms; market tends to reverse at or near profit target to re-test the neckline. I like being part of a re-test that is the same as the overall trend (bullish in this case)

Zone 2:
Area of confluence because -
4H 0,618 fib level
D 0,382 fib level
4H EMA (was in this region at time of analysis and throughout the day)

I set buy limits at each zone as follows:
A smallish buy position at Zone 1, because for me the confirmations are not soo strong and it really depends on price action so I will judge the market sentiment based on candles to see if I add more

A large buy position at Zone 2, because these are strong confirmations and price should at least bounce from here.

Ultimately a DT did form and break the neckline down. But market was very slow and none of my zones of interest were triggered.
In the evening, I cancelled my buy order in Zone 1 because I felt market was very slow and I wouldn’t get the reaction that I wanted in this area.

Clearly, investors are waiting for the inflationary data this week.

What could I have done differently?
Nothing

Hope you had a good trading day! :)


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