The NAS100 July top is in but still bound for an upward trajectory in the remainder of 2024.

As a result, my July 4’s long trade plan has exited in loss after holding for 18 hours:

https://www.finlogix.com/analysis/20240704/nas100-intraday-analysis-and-trading-plan-for-july-4-2024

An updated overall record of 7 wins and 7 losses.

There are 13 upcoming high impact data releases in the US this week.

Re-assessing NAS100’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 Body with a Longer Tail Wick current is a Red Long Upper Shadow

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

Daily Candle: Both previous close and current are Green Bodies with Longer Head Wicks

According to the June 25 to July 4 retracement points of view I have used as reference previously, the bearish 1.618 fib extension level was hit with sell side liquidation over the June 5 bullish FVG now a buying order block.

I was not totally wrong at that time when I speculated a big price correction is out of the picture for the NAS100 index but the recent downside rally is an acceptable pullback correction per se.

In fact, the index was already reversing to the downside after July 11’s top in an indication for a possible price rebouncing this week with August opening soon.

My previous long trade plan did the opposite and it’s clear I was trading in a decently strong down trend but all good that the protective stop loss was hit.

So today I’m going to re-enter a buy position at the current consolidation with a same profit target towards the 20500-21000 range levels while putting a stop loss at the next bearish 2.618 fib extension level.

With a decent 1.60 RRR, here are the new long entries to observe:

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

I’m still bullish because the NAS100 index remains strong betting on a possible one Fed rate cut this year.

Good luck and have an amazing trading week ahead.

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

NAS100 Intraday Analysis and Trading Plan For July 29, 2024

Jul 29 2024

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