Nasdaq-Simple Intraday Strategy | Forex Factory

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Nasdaq-Simple Intraday Strategy

Hello Traders:
I'm starting this thread to share my experience and learn from you. After few years trying many tools, strategies, instruments with up and down results, I finally embraced the life principle: keep it simple!
From all instruments, I found Nasdaq is the best one in terms of liquidity and volatility and where you can make quick and important rewards. So this thread is preferably reserved for NQ and to lesser extent all other indices.
The strategy is very simple:
1- I trade mainly NY Session. I trade both Spots and Futures.
2- Identify HH/LL of higher timeframe: Yearly; Q; M; W; D. Hint: Price goes always to those levels; As this is an intraday strategy, pay attention to weekly levels; they're stronger than Daily.
3- Identify the direction from Daily/H4/H1: Up, Down or Range (consolidation/accumulation). Usually Price will continue in the same direction; unless fundamental or risk news. So your plan for the day is determined at this stage.
4- Go to Lower TF: 5-15min; wait for NY Session opening to identify your entry, STP, and TP.
5- TA aspects: Entry after the test of your key level; STP at previous HH to go Short or LL to go Long; TP: Every 50 points up to previous D/W High or Low

Edit: STP Rule:
STP rule from price hitting my stoploss level to the candle has to close at or above my stoploss level to be triggered.

I will share my daily trade(s). Please feel free to comment and share your ideas. GL!
NQ (Spot) Direction and potential top
Clearly the direction is up. As market moves in waves: Consolidation; up; retrace; continuation up; consolidation; down; retrace;... We should expect a meaningful Retrace before continuing up.
Based on AB=CD pattern, NQ might toppish around 20560.
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Identification of key levels from M/W/D as price always tests those levels
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Today and tomorrow plan (July 3rd and 4th): We've short trading hours; US holiday; so low liquidity.
Direction: Price seems in Consolidation phase/Ranging
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Today's Entry
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Today's Entry {image}
I was stopped out.
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Today's US data. Inline or undershoot will keep the current uptrend and increase the % of FOMC September rate cut.
Today's plan after the release of US data. Inline data.
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1st entry of today
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1st entry of today{image}
Stopped
What's your typical target and and stop (in NQ points)? How many trades per day? So you don't use 5-min chart (probably the most popular chart for day traders)?

Also I am not clear about exactly why/when (rationale) you took the trade today.
What's your typical target and and stop (in NQ points)? How many trades per day? So you don't use 5-min chart (probably the most popular chart for day traders)? Also I am not clear about exactly why/when (rationale) you took the trade today.
My final TP is previous D/W high/low; I take partials at key pivot levels/support/resistance.
I prefer 15min chart that gives me 1-2 trades a day.
Today I did not respect my plan. The plan was price after breaking the bearish flag and tests it, I enter short. But this plan did not materialize and by anticipation I entered at the top of the flag with a small risk aiming for a huge reward.

The trade today would be a buy after price broke the upper TL and tested it.
Thank you for your comment!
Good day and week!
NQ has continued the up direction towards the potential top around 20560. Later in the week, we have US inflation data. So for today and tomorrow, we have two scenarios. Price already tested last week high. A consolidation area is underway. NY opening will give us which scenario will prevail.
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So far, NQ is ranging with uncertainties. No opportunity yet. Will update as soon as I find one.
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Potential entry for long position. It will depend on the close of the candle that will test my entry level.
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Potential entry for long position. It will depend on the close of the candle that will test my entry level. {image}
I'm in
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What Timeframe are you in?
What Timeframe are you in?
I use 15-30 min TF.
I closed my position with a few green points. The plan should be the same for to morrow. May be by Asian or London TP will be hit without me. Tomorrow is another day.
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{quote} I use 15-30 min TF. I closed my position with a few green points. The plan should be the same for to morrow. May be by Asian or London TP will be hit without me. Tomorrow is another day. {image}
Just for the record! As expected, NQ continued up during Asian session and now we have a new range.
Price is expected to continue up. Will see how NY session behave.
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I did not take any trade yet today. Price is ranging with uncertainty; ne break to either side.