Another Straight Line Analysis Journal

Wedensday 26th Mar 2014 NQ100 1 min chart review


1. Opened downwards and fell to 37, before a big reverse to just below 48.

2. Straight down to 28 and a rise with retracement for a brave long about 36.5.

3. Ultimately this all dies and we fall into a big 20pt hinge, wiith a mean around 38.

4. We made a small channel just below he mean, and then had a breakout below. Nothing happened.

5. Price decided to break upwards instead. we went through the support line and made a retreacement testing the hinge mean.

6. Broke 42 which would indicate a possible long opportunity, but this failed immediately. Looks like a long wait until we get clear of all this indescision.
Today has been a day with no decent set ups so far. Temptation is to make non-optimal entries just to have something to do.

7. We break below the opening lows, and are halted at the 4am low of 24.

8. At this point we had a good demand line break with a retracement to that demand line. If I was awake this would have made the first good short opportunity of the day.

Overall the day was a mess of going nowhere entries, and indescision. This was going to happen sometime after the previous days of good trends.
Patience is the key here. I learn much more from these kind of days than the easy ones.
Stepping back and looking at it from a distance, I can see that there is a temptation to look for entries, when waiting for an hour or two for things to sort themselves out is the better option. I had a day like this during backtesting on Monday, and I thought that I was missing something from SLA. But really I was trying too hard to squeeze things in to make a trade. Will try to improve tomorrow.
 
Pre-market open
We have reached the bottom of the hourly channel.
From here we may go back up to the middle or break out below, a long way below.
 
Thursday 27th Mar 2014 NQ100 1 min chart review

Wasn't in sync with myself or the market today.
For most of the morning I couldn't concentrate properly, or feel the price.
I also realised during the chat session, that I am placing entries too far away from where they need to be.
I will adjust this for Friday's session and see what difference it makes.


1. Touching long term support line on open.
Rejected this moved down fast, then back up for a retracement, and a short opportunity around 61.


2. Fell to 35, then we had a support line break with retracement to a higher high, allowing a long entry.

3. Stopped at overnight high and reversed. Demand line broken for short.
 
Friday 28th Mar 2014 NQ100 1 min chart review

Thursday was basically a big hinge for the whole day, and then overnight we moved slightly higher out of the hinge into a range before the open.

1. On the open we attempted to go upwards,and this was reversed, and we fell, exiting the morning range.

At this point I learnt something new.
The price quickly rejected the break below the range and moved back into the range. This was a point where we could go long as price enters the range again, with the potential of making at least the midpoint of the range. In the end this long did not have to be exited until it had risen about 30 points. The trade of the day for those who could see it.

2. We moved up and past the overnight highs of 73, and onwards through yesterday's high of 85 and then started to make a trading range above yesterday's high.

3. Any attempts at longs or shorts out of this range failed to make any headway. 92 was the 50% level of the down move from wedensday, so this level appeared to provide value for quite a while.
 
I did not acheive the results that I wanted last week.
Over-thinking everything got to me by the end of the week.
I was hesitating at points where I was very clear in previous weeks.
This is not a big problem, because all of the mistakes and related fixes are within my own control. I can see what I need to change, and where to improve.
Good luck to everyone for the coming week.
 
BonScott said:
I did not acheive the results that I wanted last week.
Over-thinking everything got to me by the end of the week.
I was hesitating at points where I was very clear in previous weeks.
This is not a big problem, because all of the mistakes and related fixes are within my own control. I can see what I need to change, and where to improve.
Good luck to everyone for the coming week.
More...

Great to see your progress Bon, you are spotting more and more stuff in RT by the hour, if you feel you are lost, just dont look for trades, as it will take you back to patterns and away from PA, focus on PA and if you dont get it just ask. We are here to help.
 
niko said:
Great to see your progress Bon, you are spotting more and more stuff in RT by the hour, if you feel you are lost, just dont look for trades, as it will take you back to patterns and away from PA, focus on PA and if you dont get it just ask. We are here to help.
More...


Thanks Niko. Its much easier to progress with the input of the group.
I will get to the top of the mountain.
In fact it's really only a small hill that becomes a mountain when I don't step back and look at it from afar.
 
Analysis before market open Monday 31st March 2014

We have moved slightly off the bottom of the long term daily range in play since last year (chart not shown).

We had been in a trading range for overnight and most of the morning and in the hour before the open we have moved above the range to the mid point of the current short term up channel. We are also testing the support line from 22nd March.

No predictions from me. Just wait and see which way it wants to go at the open, and be prepared for all possibilities.
 
Monday 31st Mar 2014 NQ100 1 min chart review


1. We opened with a rejection of 86 and then a sharp rise to the overnight highs at 600. This rejection could be shorted

2. Retraced to a lower high and fell to the opening lows.

3. Rejected the opening lows indicating the possibility of a long.

4. Continued back up to the previous highs, where it was quickly halted.

5. Retraced and bounced off 50% of the rise, giving the opportunity for a long.

6. Rose to 612 (which was close to the top of the hourly channel), and fell, breaking the demand line and with a retracement for a short opp.

7. Held at the 50% level again, and made a higher low for a long opp.

8. Moved into a range, the highs got lower as we moved to the right, but we did not get a descisive breakout for the rest of the morning.

Today was a day with a lot of potential REV trades, for the brave traders, and some regular retracement trades. There were various channel midpoints and extremes tested also. A busy day, but I felt that I was able to handle most of it.
 
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