NASDAQ (NAS100) MARKET ANALYSIS

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Good afternoon traders and Happy New Year again. I hope you're ready and gassed up for the grind this year. Into the charts I'm looking at NASDAQ where price dropped to a key H1 & H4 demand zone at 10828.52 & 10677.46 which is the origin of the previous rally to the major H4 & daily chart supply at 12053.99 & 11959.98. Price has filled the major H4 & daily range from the key H1 & H4 demand zone to the major H4 & daily chart supply zone and back to the H1 & H4 demand zone. Price dropped into demand, formed candle close inside demand without any rejection wicks followed by a strong rally out of demand to the 1st H4 high at 11086.92. 
Price failed to break the 1st H4 high and instead dropped back into demand to accumulate more bullish orders that would push price to take out the H4 high and rally higher. Price dropped into demand forming candle close inside demand followed by a slight bullish push away from demand. 
Took buy entries during London session at 10901.70 with SL at 10750.00. Setup taken is a drop base rally, a reversal setup and my target is at the 1st H4 supply at 11601.43 & 11505.36.






Price dropped back to retest demand at 10828.52 putting my positions in drawdown before the actual rally happened. Took buy scale in positions at 10826.30 at the retest of demand during NYSE. Even though my previous positions were in drawdown, my SL wasn't hit and price rallied back to 10974.00 and showing more bullish potential as I waited for the FOMC news release for momentum. Price dropped back to demand at 10828.52 then rallied again slightly. However price rallied to the previous H1 high at 10963.00, failed to break it and reversed dropping strongly back into demand hence hitting my SL and taking out my entries.
Price continued dropping deeper into demand with price currently at 10747.70 inside demand and still showing more bearish potential even though the demand has not yet been broken.
Current R:R = -1.5%







 

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