NASDAQ (NAS100) ANALYSIS

 Good evening traders, I hope all is well and you're okay. Into the markets in the start of this new month, NASDAQ price rallied to a major supply level on H1, H4 and the daily chart at 13078.44 & 12776.97 which is the origin of the previous drop to the daily demand level at 11307.1 & 11148.9. Price filled the first major range from supply to demand and back to supply. Price rallied into supply, formed candle close inside supply on H1 & H4 , formed a bearish engulfing candle on H4, followed by a slight drop. However, price still hasn't dropped below supply and hasn't formed any wick rejections so any entry taken at this level is an impulse entry because there's not much confluence for the trade. Took impulse sell entries during London session at 12918.80 with SL at 12972.27. Setup taken is a rally base drop, a reversal setup.

Price faked out a drop, followed by a rally deep into supply, taking out my entries and hitting SL. Price tapped 13078.44, formed a wick rejection on H1, candle close inside supply followed by a strong drop away from supply in 3 large bearish candles on H1 showing high bearish momentum. Took sell re-entries during NYSE at 13057.01 with SL at 13119.43. Setup taken is a rally base drop, a reversal setup and my target is at the 1st H1 low at 12464.1.