Some days are better than others. I am reducing my errors with practise, and a lot of reading and discussions.
I don't currently use the Charttrader in Ninja. I will start using it soon. I need to get to the next step soon.
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Another Straight Line Analysis Journal
- Thread starter BonScott
- Start date
Some days are better than others. I am reducing my errors with practise, and a lot of reading and discussions.
I don't currently use the Charttrader in Ninja. I will start using it soon. I need to get to the next step soon.
"It" doesn't "do" anything. This may not be what you intended to say, but, just on the offchance that it was, you're looking at this in entirely the wrong way.
The purpose of the lines is to guide the trader to an understanding of the interplay between supply and demand against the backdrop of an auction market. Anyone who's still using these lines after several weeks isn't getting it, and some have been using them for months.
The key question is "Where are traders able/unable to find trades?" If instead one is examining lines, then he has not yet taken that step into the trading arena.
"It" was really my brain. I would prefer to sit back and watch if I feel that I am not in tune with the flow of the market. I guess I had no Zen today.
Wedensday 30th April 2014 pre-market review
We are still in a downtrend since March, but the last 2 weeks have seen a rise from the lows, and now we are balanced at a point where we can break above the swing highs and try to start a proper uptrend, or we can accept the failure to hold past 620, and fall to the lows again.
Yesterday ranged between a low of 530, and high of 571, with a midpoint of 550. This is also the midpoint of the recent fall from 619 to 480 over the last week.
During the night, the market fell steadily until it hit an overnight low of 545. After that we rallied and we are back more or less where we started yesterday, which is at a mean. This area may not provide the lowest risk trades.
As I write, we currently have a low at 45 and high at 60 that may be tested at the open. Since we are at the middle of yesterday's range, then if either ON high or low are broken, we will still have to navigate past yesterday's high and low. If these areas are brushed aside with ease then we may have some movement to extremes.
We are still in a downtrend since March, but the last 2 weeks have seen a rise from the lows, and now we are balanced at a point where we can break above the swing highs and try to start a proper uptrend, or we can accept the failure to hold past 620, and fall to the lows again.
Yesterday ranged between a low of 530, and high of 571, with a midpoint of 550. This is also the midpoint of the recent fall from 619 to 480 over the last week.
During the night, the market fell steadily until it hit an overnight low of 545. After that we rallied and we are back more or less where we started yesterday, which is at a mean. This area may not provide the lowest risk trades.
As I write, we currently have a low at 45 and high at 60 that may be tested at the open. Since we are at the middle of yesterday's range, then if either ON high or low are broken, we will still have to navigate past yesterday's high and low. If these areas are brushed aside with ease then we may have some movement to extremes.
Wedensday 30th April 2014 NQ100 1 min chart review
Given that we started today around a mean, this is not a good area for low risk trades. But I wanted to practise in real time, so I marked what I would have taken, while understanding we were within a small range. In the end we did stay around the mean, so nothing much happened.
1. On the open we made a tight range of overlapping bars above the overnight low. This tight indescision is unusual at the open, but there is a report out in the afternoon.
2. Eventually we broke to the highs and had a rejection.
I marked a short here, below the 9:49 bar.
3. The price passed through the overnight low, but then stopped and turned. I exited as it passed back into the overnight range.
4. I tried another short when the price retraced and fell again. This was stopped out on the next bar.
5. The price made a higher low and broke the supply line. There is a retracement for a long here but I did not take it because we had turned at the 50% point. Higher low, SL break and retracement, should have been enough for me to put a long on. All the indications were that buyers had started to move into the market at these low prices.
6. I decided to wait to see what would happen at the high of 61, and we eventually made above and retraced for a long. I took this one. It didn't get far before turning and falling. It looks like we may be stuck within yesterday's range for a while.
Given that we started today around a mean, this is not a good area for low risk trades. But I wanted to practise in real time, so I marked what I would have taken, while understanding we were within a small range. In the end we did stay around the mean, so nothing much happened.
1. On the open we made a tight range of overlapping bars above the overnight low. This tight indescision is unusual at the open, but there is a report out in the afternoon.
2. Eventually we broke to the highs and had a rejection.
I marked a short here, below the 9:49 bar.
3. The price passed through the overnight low, but then stopped and turned. I exited as it passed back into the overnight range.
4. I tried another short when the price retraced and fell again. This was stopped out on the next bar.
5. The price made a higher low and broke the supply line. There is a retracement for a long here but I did not take it because we had turned at the 50% point. Higher low, SL break and retracement, should have been enough for me to put a long on. All the indications were that buyers had started to move into the market at these low prices.
6. I decided to wait to see what would happen at the high of 61, and we eventually made above and retraced for a long. I took this one. It didn't get far before turning and falling. It looks like we may be stuck within yesterday's range for a while.
.many good traders use trendlines as a guide nothing wrong with it"It" doesn't "do" anything. This may not be what you intended to say, but, just on the offchance that it was, you're looking at this in entirely the wrong way.
The purpose of the lines is to guide the trader to an understanding of the interplay between supply and demand against the backdrop of an auction market. Anyone who's still using these lines after several weeks isn't getting it, and some have been using them for months.
The key question is "Where are traders able/unable to find trades?" If instead one is examining lines, then he has not yet taken that step into the trading arena.
Thursday 1st May 2014 pre-market review
Yesterday we found it hard to get away from the mean and make it above the previous day's high.
The FOMC announcement eventually pushed us slightly past the highs at the end of the day.
We are now approaching the highs of our March channel, after a rising from the lows over the past few days. The recent trend is up, but we have to be aware of a possible reversal to the mean of the channel from here.
Yesterdays low was 39, but there are areas of congestion in between, that may provide resistance to a drop.
If we continue to move up, we need to get past the swing high at 618, and probably the usual indescision around 600 that we have seen previously.
The overnight range is from 72 up to 86 with a midpoint of 79. Currently we are sitting around the mean after hitting the high a few hours ago.
The first thing we may see is a test of the overnight range. After that the other highs and lows will come into play.
Yesterday we found it hard to get away from the mean and make it above the previous day's high.
The FOMC announcement eventually pushed us slightly past the highs at the end of the day.
We are now approaching the highs of our March channel, after a rising from the lows over the past few days. The recent trend is up, but we have to be aware of a possible reversal to the mean of the channel from here.
Yesterdays low was 39, but there are areas of congestion in between, that may provide resistance to a drop.
If we continue to move up, we need to get past the swing high at 618, and probably the usual indescision around 600 that we have seen previously.
The overnight range is from 72 up to 86 with a midpoint of 79. Currently we are sitting around the mean after hitting the high a few hours ago.
The first thing we may see is a test of the overnight range. After that the other highs and lows will come into play.
Thursday 1st May 2014 NQ100 1 min chart review
Another day spent mostly revolving around a mean, and within the overnight range. We did eventually breakout and reach the channel highs, and as I am typing we have made it to 600. The afternoon may become interesting.
1. Opened around the mean of the overnight range. Initially it was a very quiet open within a 2 point range for a few minutes.
2. We then broke down to the bottom of the overnight range, and passed through. The price turned around straight away, and passed back into the range triggering a long with the possibility of reaching the mean of the range.
3. The trade eventually passed the top of the range, where it turned and re-entered the range triggering and exit.
4. We returned to the mean of the range, and wandered around between the mean and the highs for a long time.
5. Eventually fell to the bottom after another attempt to get out of the top failed.
6. Now we have a bounce off the bottom of the range, and a rise to the top again. Its like watching price tennis.
7. Finally we have a proper breakout. I placed a short on the break of the DL with retracement and let it exit at breakeven. I thought that we may have made a high at this level.
Another day spent mostly revolving around a mean, and within the overnight range. We did eventually breakout and reach the channel highs, and as I am typing we have made it to 600. The afternoon may become interesting.
1. Opened around the mean of the overnight range. Initially it was a very quiet open within a 2 point range for a few minutes.
2. We then broke down to the bottom of the overnight range, and passed through. The price turned around straight away, and passed back into the range triggering a long with the possibility of reaching the mean of the range.
3. The trade eventually passed the top of the range, where it turned and re-entered the range triggering and exit.
4. We returned to the mean of the range, and wandered around between the mean and the highs for a long time.
5. Eventually fell to the bottom after another attempt to get out of the top failed.
6. Now we have a bounce off the bottom of the range, and a rise to the top again. Its like watching price tennis.
7. Finally we have a proper breakout. I placed a short on the break of the DL with retracement and let it exit at breakeven. I thought that we may have made a high at this level.
Monday 12th May 2014 NQ100 Market Preview
I was unavailable last week due to family stuff, and technical issues. Back again this week.
While we have a downtrend since March, the swing lows have been getting higher recently, and we are making a hinge on the daily chart. The mean is to be around 540. This is also the midpoint of yesterday's low to this mornings high.
We do appear to be sitting near the top of a channel from back at the start of March, although it may be not a perfect channel in anyway. That would indicate a potential fall to the mean.
Overnight we have moved from a low of 548 up to an eventually high this morning of 570. Our midpoint is 559. For most of the night the price stayed below this midpoint until we had a breakout in the morning.The price is currently sitting at the highs, and we will wait to see if it is rejected here or breaks through.
If it breaks out we have a swing high at 580, and if we cannot get past this then I will look for a shorting opportunity.
We have lows to watch for at
527
510
500
480
And highs to watch at
580
604
I was unavailable last week due to family stuff, and technical issues. Back again this week.
While we have a downtrend since March, the swing lows have been getting higher recently, and we are making a hinge on the daily chart. The mean is to be around 540. This is also the midpoint of yesterday's low to this mornings high.
We do appear to be sitting near the top of a channel from back at the start of March, although it may be not a perfect channel in anyway. That would indicate a potential fall to the mean.
Overnight we have moved from a low of 548 up to an eventually high this morning of 570. Our midpoint is 559. For most of the night the price stayed below this midpoint until we had a breakout in the morning.The price is currently sitting at the highs, and we will wait to see if it is rejected here or breaks through.
If it breaks out we have a swing high at 580, and if we cannot get past this then I will look for a shorting opportunity.
We have lows to watch for at
527
510
500
480
And highs to watch at
580
604
Monday 12th May 2014 NQ100 1 min chart review
We went up from the open today. The push in the early morning to bring the price from the 50's up to 70 was continued after the open. No surprises that we have difficulty getting past the 600 level. Plenty of previous congestion around that area.
1. We opened with a test of 570 and then rose to 75 and further up to 78.
2. The price then turned down and passed through our overnight high of 570. This break through 70 was rejected quickly. I did mark a long here because of the rejection. Would I take it with real money? Thats the level I need to get to.
3. There is a retracement entry here just below 80.
4. The price rose until we had a demand line break, a lower high, and the opportunity for a short. I put the stop above the high of the previous bar.
5. After that we got lower highs and higher lows. I didn't take the breakout from this, and after that it just meandered below 600.
We went up from the open today. The push in the early morning to bring the price from the 50's up to 70 was continued after the open. No surprises that we have difficulty getting past the 600 level. Plenty of previous congestion around that area.
1. We opened with a test of 570 and then rose to 75 and further up to 78.
2. The price then turned down and passed through our overnight high of 570. This break through 70 was rejected quickly. I did mark a long here because of the rejection. Would I take it with real money? Thats the level I need to get to.
3. There is a retracement entry here just below 80.
4. The price rose until we had a demand line break, a lower high, and the opportunity for a short. I put the stop above the high of the previous bar.
5. After that we got lower highs and higher lows. I didn't take the breakout from this, and after that it just meandered below 600.
Monday 12th May 2014 NQ100 1 min chart review
We went up from the open today. The push in the early morning to bring the price from the 50's up to 70 was continued after the open. No surprises that we have difficulty getting past the 600 level. Plenty of previous congestion around that area.
1. We opened with a test of 570 and then rose to 75 and further up to 78.
2. The price then turned down and passed through our overnight high of 570. This break through 70 was rejected quickly. I did mark a long here because of the rejection. Would I take it with real money? Thats the level I need to get to.
3. There is a retracement entry here just below 80.
4. The price rose until we had a demand line break, a lower high, and the opportunity for a short. I put the stop above the high of the previous bar.
5. After that we got lower highs and higher lows. I didn't take the breakout from this, and after that it just meandered below 600.
What happened to you, been missing you! Great to see you back.