Yesterday’s dump has exceeded below March 15’s external swing lows catching the sell side liquidity underneath these levels.

To end my analysis for today, I will update a new one for the NAS100 index.

With a holding time of 1 day and 4 hours, March 19’s trade plan has exited in a stop loss:

https://www.finlogix.com/analysis/20240319/nas100-intraday-analysis-and-trading-plan-for-march-19-2024

An overall record of 1 win and 1 loss respectively.

Still awaiting the 2 remaining American major economic data out this week specially Fed Chair Powell’s Wednesday speech!

Markets’ volatility remains elevated as we head into the mid week.

Re-assessing NAS100’s high timeframe candles:

Yearly Candle: Still a Green Spinning Top since last check

Monthly Candle: Previous close is a Green Spinning Top current is a Red Body

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

Daily Candle: Previous close is a Red Body with a Longer Head Wick current is developing a Small Red Long Lower Shadow with a Small Body

The yearly candle’s pattern is still in a green spinning top suggesting that long term highs and lows could be the ranges if consolidation starts already through the smaller time frames.

Like most of the US major indices, the NAS100 index has started its own price correction.

Given the current macroeconomic, geo-political and fundamental situations, the index’s correction can further escalate.

The US dollar has also remained a favorite safe haven asset besides Gold giving an idea of equities and stocks’ selling.

On the 4H chart above, the NAS100 index is trading in a descending channel of its own based on the swing high formed from March 21-22 peaks.

From then, we can see multiple instances of lower highs creating the channel.

There’s a nearby FVG that was formed on February 21 that helped the previous impulsive move to be re-tested as a support .

If the mentioned FVG succeeds in holding as a support area, the index might start a strong recovery rally.

Based on this idea, I like to open a long position with a 2 to 1 risk:reward setup.

The stop loss is safely set below February 21’s swing low in case the FVG is retraced fully instead as a sign of failure. 

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

NAS100 Intraday Analysis and Trading Plan For April 16, 2024

Apr 16 2024

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