Another Straight Line Analysis Journal

[BonScott]

Thursday 14th August 2014 :- NQ Market Preview
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Over the last few days we have mover back towards the highs, and a clear uptrend can be seen on the hourly chart. It may continue, who knows?
We have an overnight high of 56 and an overnight low of 39. Any breakout attempt will have to pass through these levels first. Above 56, the next swing high is at 80 and then 91, below 39 we have lows at 35 and 14. As always, I will wait and see what happens after the open, and hopefully be faithful to my plan.

 

[BonScott]

Thursday 14th August 2014 :- NQ 1 Min Chart Review
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Not much going on today. We just revolved around in a small range for most of the morning. Maybe the afternoon will bring the big movements today. I saw nothing and did nothing. Hopefully more action tomorrow.

 

[BonScott]

Friday 15th August 2014 :- NQ 1 Min Chart Review
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Today I sat around for over an hour not knowing if the price was going to shoot above the highs or not. The constant pushing at the highs gave me the impression that it would eventually break through, but I also thought about a day of nothing, like yesterday. Eventually I did make 2 scalping shorts, but I was not in the correct frame of mind to take the full drop that happened late in the morning. I have been looking at a lot of other historical days of small ranges recently, and I find it hard to make anything from them, so I guess I was in the scalping mood.

1. After ages of waiting we had a retracement with the chance of a small stop loss on the entry. I was thinking that this was a day that was going to go up after we had got rid of the resistance at 91, so I was just looing for a few scalping opportunities.

2. A retracement entry for a few more points.

3. I was waiting for the overnight low, but missed the entry that I wanted as we passed through the low, because I was writing my report.

 

[BonScott]

Monday 18th August 2014 :- NQ 1 Min Chart Review
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I didn't take any trades today. We continued the uptrend from the weekend, and have moved to a new high.
Not much to say about the chart. Just 2 points where I would have taken trades.

1. After we moved through the highs, we returned to touch the high, and then moved upwards.
This is an opportunity for a long with a stop below the high.

2. We have a short opportunity here which doesn't go far, because we are in a general uptrend this morning.

 

[BonScott]

Tuesday 19th August 2014 :- NQ Market Preview
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We continued to new highs yesterday, eventually peaking above 27 overnight.
We hit an overnight low at 19 which was also the high of yesterday, so that is the first indication of possible support at this level. We can watch for this level after the open. Below this we have lows at 12 and at 4000, and above 27 anything is possible.

 

[BonScott]

Tuesday 19th August 2014 :- NQ 1 Min Chart Review
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We made no descisive breakout in either direction this morning. We kept in a very tight range mostly. I made two losing trades, but didn't lose much because of the lack of volatility.

1. Short on the break of the demand line with retracement. We couldn't hold above the highs, so a short was an option. I gave it a while to work, which is probably a mistake, as most good trades work straight away. Eventually exited for the loss of a point.

2. Short on the retracement. Not a great fill. I left the stoploss above the swing high, and it was eventually taken out for a two point loss. Thats enough for today. We do have a retracement for a long soon after, but we are well past the open, and the price movements may become weaker at this stage.

 

[k p]

Hey BonScott... I take it these were live trades with real money?

What do you think of Multicharts? I noticed you said a few days ago that you switched over. It isn't the fanciest of platforms, but works just fine for me!

 

[BonScott]

Hi k p, Multicharts is okay. I had got used to Ninja, but I'm sure i'll get used to this.
I'm trying a few live trades, because there is a big difference when money is on the line.
I'm doing my best to wait for the correct trades for my plan.

 

[k p]

Yes.. I think trying a few trades is absolutely necessary. It really shows you where your strengths and weaknesses are and if you can in fact take trades as diligently as in sim. Having a plan is one night, but being able to execute is a whole other world!

I take it you're with Multicharts now because Ninja won't let you place live trades without paying for it. This i why I started with Multicharts right away. I wanted to make sure that what I was learning on would be the same platform as what I would be using for trading live. This way, I couldn't blame the platform for my money loses if it was a different platform than what I learned on!

 

[BonScott]

Wedensday 20th August 2014 :- NQ 1 Min Chart Review
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We spent the morning ranging up and down within the previous night's limits. I did a few trades, but none of them travelled far. Looks like its another day of waiting.

1. SLA short on a retracement after a line break. I exited when it went nowhere for 5 or 6 minutes.

2. This time tried a long. I put the stop below the swing low, and it was taken out. There was no follow through on the long, so I could have probably exited earlier, like the first trade. Thats it for now. Back for more tomorrow. I kept to my plan, so I am reasonably satisfied even if it didn't work today.