To end today’s Finlogix analyses, I will update a new one for the Nikkei225 index.

Previous trade plan has ended in another loss:

https://www.finlogix.com/analysis/20240304/nikkei225-intraday-analysis-and-trading-plan-for-march-4-2024

Terrible three straight losses! But going to continue tracking the index.

There is no major Japanese economic report this week.

R-assessing Nikkei225’s high timeframe candles:

Yearly Candle: Still a Green Body since last check but with a Longer Head Wick

Monthly Candle: Last check is a Green Shaven Bottom now a Red Long Upper Shadow

Weekly Candle: Previous close is a Red Body with a longer Head Wick current is developing a Red Spinning Top

Daily Candle: Previous close is a Green Body current is developing a Red Body

Still bullish on the yearly but the monthly candle is in red suggesting that the index has found a resistance of its own like the major world indices.

Meanwhile, the weekly and daily are all red with a bearish engulfing pattern in the last 3 days.

I have said in the last analysis this phrase:

“These patterns may proceed double weekly and daily top candles!”

It did last week after desperate rally attempts to re-claim the 40000 level. It was heavily sold from then on!

There was nothing wrong with my shorts, the call is right. It’s just that my stop losses were caught prematurely.

The outcomes could have been different if I have given a wider stops.

Anyways, we cannot be right all the time so let me continue shorting Nikkei225 again.

The current candle formations failed to create a holding FVG instead we can see a bearish engulfing pattern in the daily chart above.

I will short the current market price speculating for further dropping of prices soon.

In case I am wrong to short the Nikkei225 again, I placed the stop loss on the idea that the intraday candle turns green today even for the rest of this week.

Let’s see if I can finally score a win.

Nikkei225 Intraday Analysis and Trading Plan For March 13, 2024

Mar 13 2024

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