The NAS100 bulls fail to push the price towards the previous lower low channel, retreats to a recent nearby FVG per my analysis yesterday.

As a result, yesterday’s short trade plan has exited in a profit:

https://www.finlogix.com/analysis/20240424/nas100-intraday-analysis-and-trading-plan-for-april-24-2024

An updated record of 2 wins and 2 losses respectively.

Still awaiting the 5 remaining American major economic data out this week with 3 releases scheduled tonight.

Re-assessing NAS100’s high timeframe candles:

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

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

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

Daily Candle: Previous close is a Red Body with a Longer Head Wick current is developing a Green Body with a Slightly Longer Head Wick

As the index’s price has printed a 6-day high yesterday, the recently reclaimed FVG area was proven as a sell order block, upsetting the bulls in touching the LL TL channel at least!

A new nearby bullish 4H FVG that was formed on Tuesday has somehow offered cushion preventing a further drop.

Based on these recent price movements, the index made new local swing lows and highs as my retracement point of view.

But if the current local support range depletes, we can expect sellers to seek out the sell side liquidity residing below the new swing low.

There are 3 heavy US data to be released tonight and one of these is the Advance GDP quarter on quarter which can be a sell-off catalyst if the data is higher than forecasted.

Since I’m betting on stronger US data releases tonight, I will short the NAS100 index again against its rally attempts toward the day.

I adjust the stop loss a little above the latest local swing high and I will target the local swing low area to take profit.

The LL TL channel is now acting as a resistance after a failed attempt in yesterday’s rally.

Worth the risk again. Let’s see how this trade plan goes and good luck!

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 25, 2024

Apr 25 2024

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