The recent and massive sell side liquidity sweeps under February lows have temporarily sent the NAS100’s price higher back to its key level of FVG.

As a result, my April 16 long trade plan has exited in a loss:

https://www.finlogix.com/analysis/20240416/nas100-intraday-analysis-and-trading-plan-for-april-16-2024

Still awaiting the 4 remaining American major economic data out this week.

Markets’ volatility remains elevated this mid week.

Re-assessing NAS100’s high timeframe candles:

Yearly Candle: Still a Green Spinning Top since last check

Monthly Candle: Still a Red Body since last check but with a Longer Tail Wick

Weekly Candle: Previous close is a Red Body with a Longer Head Wick current is a Green Body with a Slightly Longer Tail Wick

Daily Candle: Previous close is a Green Body with a Longer Tail Wick current is developing a Green Body

The sell side liquidity levels that are residing under February 22nd and 1st  external lows were taken out or got swept back to the FVG's range!

The NAS100 index is clearly trading in a down wave where selling setups are more favorable.

Now that the price is trading back to the recently fully retraced FVG mentioned in my previous analysis, I think there is a possibility to re-test the Lower Low trendline’s channel first before another big drop.

I might be wrong here but we’ll see as the current weekly candle is trying to make a bullish engulfing!

I should have shorted the index in my last trade plan but what’s done is done.

Now that we can see NAS100’s down trend channel clearly, I will short the index at current levels if the FVG where the price is right now becomes a sell order block.

I set the stop loss at the LL channel’s territory just in case a breakout occurs back to the lost channel.

Meanwhile, I set the take profit level at the potential pullback soon.

Good luck on this new trade plan and analysis.

I will keep you posted on the next price development.

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 24, 2024

Apr 24 2024

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