The NAS100 has prevented a correctional week following Powell’s dovish remarks. Latest up wave is likely to push higher soon through a wide weekly bullish FVG’s presence.

As a result, my August 16’s short trade plan has exited in another loss after holding for 3 days and 15 hours:

https://www.finlogix.com/analysis/20240816/nas100-intraday-analysis-and-trading-plan-for-august-16-2024

An updated overall record of 7 wins and 9 losses.

There are 4 upcoming high impact economic reports next week.

Re-assessing NAS100’s high timeframe candles:

Yearly Candle: Last check is a Green Body with a Longer Head Wick now a Green Spinning Top

Monthly Candle: Still a Green Semi Dragonfly Doji with a Grown Body

Weekly Candle: Previous close is a Green Body with a Longer Tail Wick current is a Green Long Upper Shadow

Daily Candle: Previous close is a Red Body with a Longer Head Wick current is a Green Long Upper Shadow with a Big Body

In today’s analysis, I’m still using July 11 to August 5 swing high to low as the retracement points of view.

Previous down wave was complete through this week’s swing breakout above the 19000 level.

NAS100 reacted strongly from Fed Chair Powell’s dovish speech by disrespecting the 4H bearish FVG formed this week.

This looks weak and will be broken by next week to confirm the current up wave’s continuation.

August by far remains solid with 1 week left.

The disrespecting of the nearby bearish FVG mentioned may no longer allow the revisitation of the weekly FVG.

Last week alone also contained another impressive buy area through the 4H bullish FVG.

According to the retracement points, price is sandwiched between the 78.60% and 61.80% fib levels which both are not broken this week.

This time I am going to long again even the current price levels are hovering in the retracement points’ premium zone with the following new orders:

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

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

NAS100 Intraday Analysis and Trading Plan for August 24, 2024

Aug 24 2024

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