Nasdaq Intraday Review - Thursday 18 July 2024

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

Did my analysis at +- 6am GMT (1am EST)

Economic news - Initial Jobless Claims @ 13h30
News - Netflix Earnings

Directional bias - BUY

My trading journal didn't save all my detailed morning analysis text (#irritating) :(

So to repeat, short and sweet....
I kept my bias today as a BUY because I was of the opinion that market would retrace and test the neckline area of D market pattern.
Reason for this opinion:
1. Day DT Profit target reached (market pattern completed)
2. Seller's TP2 reached
3. The lime green thick line is a strong resistance level on the W TF and if price breaks this support, then we are in for another big drop as indicated by the purple arrow.

So I felt like price would retrace, all the way up to the sell fib levels.

I entered buy's twice, based on DB's forming and breaking necklines upwards + temporary downtrend lines broken.

Mental SL was placed at the thick pink lines.

On both occasions price moved more than 250 pips away from my entry and I was able to secure my trade at entry.

Got taken out twice at entry as price moved back down and then I lost faith that bulls could overpower the bears to at least force a deep retracement today.

So no pips for me today.

Hope you had a better day!

Catch ya tomorrow! :)


Abbreviations:
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
SL = stop loss