Hi Niko, I'm back. Just a week of family stuff, and literally no time to be online. Back now to have fun with NQ
Another Straight Line Analysis Journal
- Thread starter BonScott
- Start date
Hi Niko, I'm back. Just a week of family stuff, and literally no time to be online. Back now to have fun with NQ
Tuesday 13th May 2014 NQ100 Market Preview
We moved up yesterday to reach the late april highs overnight. So far we have not broken through, and the next highs above this are around 668
In the morning we moved down to 610, and we are currently near the bottom of the overnight range. If we break below this, we have a lot of congested area below, but we could retrace all of yesterdays gains.
We moved up yesterday to reach the late april highs overnight. So far we have not broken through, and the next highs above this are around 668
In the morning we moved down to 610, and we are currently near the bottom of the overnight range. If we break below this, we have a lot of congested area below, but we could retrace all of yesterdays gains.
Tuesday 13th May 2014 NQ100 1 min chart review
Today was a day of overthinking at times. We didn't have any major breakouts, but the movements could have been profitable with the right entires.
More practise required.
1. We bounced off a pre-open high below 615, and retraced. I marked this as a short, and we made it to the previous high at 604, before turning and stopping out.
2. After turning down at 616, we reversed at the 50% point of 610.
3. We had a retracement and a potential long, which was scratched. This one had broken through the overnight high and was a good place for a long.
4. There is a demand line break with retracement for a short here. I was unsure if we were just returning to mean so waited.
5. The supply line is broken here, with a double bottom, and a retracement for a long. Again I watched it happen thinking we may be creating a hinge. Too much thinking today.
6. Finally a demand line break and a potential short. This one was scratched.
7. Lastly another demand line break with retracement. This one works well even though it is 11am where we often slow down after the open.
Today was a day of overthinking at times. We didn't have any major breakouts, but the movements could have been profitable with the right entires.
More practise required.
1. We bounced off a pre-open high below 615, and retraced. I marked this as a short, and we made it to the previous high at 604, before turning and stopping out.
2. After turning down at 616, we reversed at the 50% point of 610.
3. We had a retracement and a potential long, which was scratched. This one had broken through the overnight high and was a good place for a long.
4. There is a demand line break with retracement for a short here. I was unsure if we were just returning to mean so waited.
5. The supply line is broken here, with a double bottom, and a retracement for a long. Again I watched it happen thinking we may be creating a hinge. Too much thinking today.
6. Finally a demand line break and a potential short. This one was scratched.
7. Lastly another demand line break with retracement. This one works well even though it is 11am where we often slow down after the open.
Wedensday 14th May 2014 NQ100 Market Preview
Yesterday we made it past previous highs at 618, but could not keep those gains until the end of the day.
We had a day with a lot of movement aroung the mean, and then the night saw price settle at the bottom of its range and then try for the top. It failed to break through 615, and we have been falling for a number of hours now.
This kind of action looks like the beginning of a down day. We will wait and see at the open.
There are highs at 615, and 624 to watch for and numerous congestion areas and lows below this point, especially when we get below 580.
Yesterday we made it past previous highs at 618, but could not keep those gains until the end of the day.
We had a day with a lot of movement aroung the mean, and then the night saw price settle at the bottom of its range and then try for the top. It failed to break through 615, and we have been falling for a number of hours now.
This kind of action looks like the beginning of a down day. We will wait and see at the open.
There are highs at 615, and 624 to watch for and numerous congestion areas and lows below this point, especially when we get below 580.
Wedensday 14th May 2014 NQ100 1 min chart review
Today we didn't move much. We stayed within a reasonably tight area. Without trends the retracement entries didn't get far, and eventually I stopped for the day. Maybe the afternoon will bring a change, but for now we are back more or less where we started at the open.
1. After the open we moved up to yesterday's low at 604 and were rejected sharply.
2. Back to the morning low and turned again. We stopped below 610, the 50% point of yesterday's high to todays low, and turned again. Soon it started looking like a hinge.
3. Another higher low, this time off the 50% point at 602. Chancing a long here with no expectations of going far, but only risking a scratch.
4. Eventually it couldn't get through all the congestion above and fell to break the demand line. I guess there is a short here, but I didn't take it.
5. Here we have a retracement for a short, which only makes it to the previous low before turning. Exited because I expected a furter rise in price due to the double bottom with the price from earlier in the morning.
6. After the a double bottom we then had a retracement, so I marked a long here. It didn't get far, and was exited for a small gain.
7. We can't make it up to the highs of the morning. The price moves sideways until the demand line is broken, with retracement for a short, which fails on the next bar.
8. Again we can't get to the morning highs, and fall to break the demand line. Another short entered after retracement. This one is stopped out on the entry bar. Thats enough for today.
Today we didn't move much. We stayed within a reasonably tight area. Without trends the retracement entries didn't get far, and eventually I stopped for the day. Maybe the afternoon will bring a change, but for now we are back more or less where we started at the open.
1. After the open we moved up to yesterday's low at 604 and were rejected sharply.
2. Back to the morning low and turned again. We stopped below 610, the 50% point of yesterday's high to todays low, and turned again. Soon it started looking like a hinge.
3. Another higher low, this time off the 50% point at 602. Chancing a long here with no expectations of going far, but only risking a scratch.
4. Eventually it couldn't get through all the congestion above and fell to break the demand line. I guess there is a short here, but I didn't take it.
5. Here we have a retracement for a short, which only makes it to the previous low before turning. Exited because I expected a furter rise in price due to the double bottom with the price from earlier in the morning.
6. After the a double bottom we then had a retracement, so I marked a long here. It didn't get far, and was exited for a small gain.
7. We can't make it up to the highs of the morning. The price moves sideways until the demand line is broken, with retracement for a short, which fails on the next bar.
8. Again we can't get to the morning highs, and fall to break the demand line. Another short entered after retracement. This one is stopped out on the entry bar. Thats enough for today.
Thursday 14th May 2014 NQ100 Market Preview
Yesterday we could not get up past even the overnight highs and spent most of the day in a large hinge before falling to 583 before the close and recovered to range below 600 during the night. An attempt to rise was halted at 606 and we have fell back in the morning to make a number of lows without getting near the 583 mark the morning we hit 606 and fell back.
The highs and lows that we have to pass are much the same as yesterday. We are close to the 580 mark, so we may test that area today, giving potential for a larger fall.
Yesterday we could not get up past even the overnight highs and spent most of the day in a large hinge before falling to 583 before the close and recovered to range below 600 during the night. An attempt to rise was halted at 606 and we have fell back in the morning to make a number of lows without getting near the 583 mark the morning we hit 606 and fell back.
The highs and lows that we have to pass are much the same as yesterday. We are close to the 580 mark, so we may test that area today, giving potential for a larger fall.
Thursday 15th May 2014 NQ100 1 min chart review
After a quick test of the 50% point of yesterday's high and low, we fell strongly for the morning. We are now back into our congested area, and the possibility of hitting further lows.
No real problems today, but I am aware of what was said about being afraid of retracements against my entries. I will keep it in mind and try to improve.
1. I was watching to see what would happen at 98 which was 50% of the high of yesterday to the overnight low. When the price turned at 98 I decided to wait for a retracement and try a short. I exited on a quick turn at 83 because of the previous low there. As people have said before, I do need to be a lot braver at these retracements, because the initial entry was quite good.
2. I could re-enter on the break below 83, but I would wait until the next retracement and short around 81.
3. Stopped at 66 whih is 50% between the low at 510 and the high at 624. With the supply line broken I thought we may have a retracement for a long, but it was actually a retracement for a further fall.
4. I waited for a retracement before putting another short on. This time I will do my best to stare down the retracements.
5. lower we get the more we start hitting previous congestion areas. The bars start to get tighter and overlap around here.
6. The supply line is broken again, and I decided to exit.
7. Went long on the retracement, but exited after 5 minutes of going nowhere. when I stand back and look at this, there is also a demand line break and a retracement with a lower high after my entry which would allow a short. But I can only takeone direction at a time.
After a quick test of the 50% point of yesterday's high and low, we fell strongly for the morning. We are now back into our congested area, and the possibility of hitting further lows.
No real problems today, but I am aware of what was said about being afraid of retracements against my entries. I will keep it in mind and try to improve.
1. I was watching to see what would happen at 98 which was 50% of the high of yesterday to the overnight low. When the price turned at 98 I decided to wait for a retracement and try a short. I exited on a quick turn at 83 because of the previous low there. As people have said before, I do need to be a lot braver at these retracements, because the initial entry was quite good.
2. I could re-enter on the break below 83, but I would wait until the next retracement and short around 81.
3. Stopped at 66 whih is 50% between the low at 510 and the high at 624. With the supply line broken I thought we may have a retracement for a long, but it was actually a retracement for a further fall.
4. I waited for a retracement before putting another short on. This time I will do my best to stare down the retracements.
5. lower we get the more we start hitting previous congestion areas. The bars start to get tighter and overlap around here.
6. The supply line is broken again, and I decided to exit.
7. Went long on the retracement, but exited after 5 minutes of going nowhere. when I stand back and look at this, there is also a demand line break and a retracement with a lower high after my entry which would allow a short. But I can only takeone direction at a time.
Friday 16th May 2014 NQ100 Market Preview
The last few days we have been stepping downwards, and yesterday we made it back down to 40 which is around the mean of the large daily hinge. We then retraced to 72 before the close of the day.
Overnight we could not make it above 67, and in the morning we have drifted down to a low of 51, and are currently attempting to get past 67 again.
We have areas of congestion above and below us and a number of highs and lows to watch for. First we must test the overnight highs or lows, and then price can decide on its direction for the day.
The last few days we have been stepping downwards, and yesterday we made it back down to 40 which is around the mean of the large daily hinge. We then retraced to 72 before the close of the day.
Overnight we could not make it above 67, and in the morning we have drifted down to a low of 51, and are currently attempting to get past 67 again.
We have areas of congestion above and below us and a number of highs and lows to watch for. First we must test the overnight highs or lows, and then price can decide on its direction for the day.
Friday 16th May 2014 NQ100 1 min chart review
One modest success and three scratches today. I stopped when I felt I was overtrading, and in the wrong area for trades. On days where we get endless trends, these entries can be home runs, but today they didn't work. Time to do some weekend study.
1. We opened with an attempt to get to the overnight highs. This failed so I put a short on the retracement.
2. We reached the overnight low and turned. This time I decided to give price the time to test the supply line. I eventually exited when it broke a swing high.
3. Here I decided to go long, and it only lasted until the next bar. This is the 50% point of the fall from a few minutes before the open.
4. I waited until we had past the lows and made a retracement before entering a short. Failed on the next bar.
5. Another short, again failed on the next bar. Not in tune with the market today.
6. Interesting. After a big rejection of the 50% point we made a retracement for a short. I was not in this one, because I felt I was making mistakes and overtrading.
One modest success and three scratches today. I stopped when I felt I was overtrading, and in the wrong area for trades. On days where we get endless trends, these entries can be home runs, but today they didn't work. Time to do some weekend study.
1. We opened with an attempt to get to the overnight highs. This failed so I put a short on the retracement.
2. We reached the overnight low and turned. This time I decided to give price the time to test the supply line. I eventually exited when it broke a swing high.
3. Here I decided to go long, and it only lasted until the next bar. This is the 50% point of the fall from a few minutes before the open.
4. I waited until we had past the lows and made a retracement before entering a short. Failed on the next bar.
5. Another short, again failed on the next bar. Not in tune with the market today.
6. Interesting. After a big rejection of the 50% point we made a retracement for a short. I was not in this one, because I felt I was making mistakes and overtrading.
Monday 19th May 2014 NQ100 Market Preview
We are still close to the mean of the long term daily hinge. The break upwards of last week could not hold past the highs around 618, and we returned to the mean. We are getting into a tight area now and traders will most likely make a descision soon on going up or down. Got to be ready for it this week if it happens.
Overnight we started with a high of 591 and moved down to a low of 565 in the morning, with a midpoint of 578. The price is currently sitting just below that midpoint.
As with previous days I will watch the action when price tests the overnight highs or lows, and then move to the next levels if we pass through.
We are still close to the mean of the long term daily hinge. The break upwards of last week could not hold past the highs around 618, and we returned to the mean. We are getting into a tight area now and traders will most likely make a descision soon on going up or down. Got to be ready for it this week if it happens.
Overnight we started with a high of 591 and moved down to a low of 565 in the morning, with a midpoint of 578. The price is currently sitting just below that midpoint.
As with previous days I will watch the action when price tests the overnight highs or lows, and then move to the next levels if we pass through.