Another Straight Line Analysis Journal

Wedensday 4th June 2014 NQ100 1 min chart review
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For most of the morning we stayed within yesterday's highs and lows. I only took one trade which stopped out. Not a busy day.


1. At the open we moved downwards to the yesterday's low of 14 where we turned back up. There is a retracement for a long here if desired. I didn't take it.

2. We tried to down out of the hinge and failed, so the next thing was an attempt to break above the long term hourly hinge. This didn't get far before it broke the demand line and a retracement, I put in a short which I exited when it went nowhere for a number of minutes.

I didn't take any more trades for the rest of the day.
 
Thursday 5th June 2014 NQ100 Market Preview
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Yesterday we tested below the hinge, failed, and then broke out above it. We moved above the March highs during the afternoon, and then fell back before the close.

We were in a really tight range for most of the night, and then moved up to a high just below 58 before the open. We have fallen back in the last hour. A breakout above 58 puts us into clear territory, while below 40 we move back into the congested area, and have to watch for previous levels.
 
Thursday 5th June 2014 NQ100 1 min chart review
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Today we got past our previous highs. I made two trades, the second of which would have been good if I had a wider stop, or some re-entry criteria.

1. We opened up to 55 and then reversed. After moving down we turned at the midpoint of the overnight range

2. Next we couldn't get back to 55 again, and when we moved down we couldn't get through the overnight lows at 40 either. Where next?

3. This time we get through the lows and I placed a short when we had retraced a bit. We turned at the 50% point of yesterday's low to the overnight high, and I exited.

4. The supply line is broken, and I entered a long on the retracement. The exit is on the same bar. These exits annoy me. A stop below the swing low seems sensible, but I would need to accept a 4 point loss if it was triggered. I really need to sort this out or start re-entering.
 
Friday 6th June 2014 NQ100 Market Preview
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A big move up yesterday, and overnight. The news of new highs seems to have brought in people eager to pay the high prices. We will follow it up as it goes, and be prepared for the falls when they occour.

Overnight we have ranged from 76 up to 84, with a midpoint at 80. Currently we broke above 84 in the morning and are headed past 90. Yesterday's low is at 34, and the 50% to todays high is at 62 for the moment.
 
Friday 6th June 2014 NQ100 1 min chart review
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I made a few trades today within the tight range. Trying to find the balance between overtrading and doing nothing, while keeping the Zen within my soul. It worked okay because it was a very clean up and down day, even though it was in a very tight range.


1. After opening with a rejection of the highs of the early morning, we turned down and reversed again at the overnight high. With the retracement within the bar a long could be placed here. I did not make an entry.

2. Having again rejected the highs we may have been making a range, but I entered a short on the retracement, which was stopped out at breakeven.

3. Yet another bounce off the highs, and I entered the short knowing that it could be stopped out with a bounce off the lows.

4. Again a short within the tight range. This one lasted a few more points before it was exited with the break of the steep supply line.

5. This is a long on the higher low retracement. Exited on break of line.

6. A short on the retracement which was stopped out. This may not have been a good entry, because the price never got near the extreme of the range before turning, so I was entering while price was wandering around the mean.

7. A long after the supply line break and retracement. Exited on the demand line break.
 
Monday 9th June 2014 NQ100 Market Preview
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We have continued the upward march, and we reached a high of 800 overnight before pausing. Overnight we have a high of 800 and a low of 92 with a midpoint at 96. Currently we are close to the lows of the overnight range, and a break below 92 puts us back into the previous congestion. The previous lows will come quickly given the tight range on friday. The friday low of 81 is quite close, and could easily be tested.
 
Monday 9th June 2014 NQ100 1 min chart review
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1. On the open we reached 99, below yesterday's highs and turned sharply. We made a lower high, and I entered a short on the bar that broke the lows. Looking at it now I should have waited for a retracement a few bars later, but I entered on the tick retracement.

2. Not a good entry. Shorting at the bottom of a tight range. One to learn from yet again.

3. Long on a retracement. Exited on break of demand line.

4. Short on break of demand line. This one was okay, but exited after 10 minutes of going nowhere, and 4 failures to get below 93.
 
Tuesday 10th June 2014 NQ100 Chart Preview
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Yesterday we made a high of 803 and a low of 83, with a midpoint at 93. The failure to punch past the highs of 800 was interesting after spending an hour in a tight range above 800. The eventual 20 point failure after that showed that the buyers accepted that they could not get any higher, and moved back to the mean area.

In the morning we had 2 lows at 85, so this could be important, as will the 83 below that. We have a reent high at 90.5, and obviously a lot of interest in what happens in the area starting at 800.
 
Tuesday 10th June 2014 NQ100 1 Min Chart Review
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The 800 level provided resistance today. I made 3 trades that didn't go anywhere. Looking forward to Wedensday.

1. Short on retracement after another rejection of 800. Stopped out on the next bar. I was aware that the swing high on the previous bar would be a better stop point.

2. Long on break of supply line with retracement. Stopped out a few minutes later.

3. We tried to go above 800 again, and I entered a short on the retracement after the failure. Stopped out as price continued upwards.
 
Wedensday 11th June 2014 NQ100 Market Preview
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After hitting the high of 803 from Monday overnight, we quickly fell. We evenetually settled around 98, before a big fall to below Monday's lows. Will this double top be significant today?

A fall below 80 could take us a long way down,and looks more likely than a rally to the highs again given the morning action. We will soon find out when the money hits the market.
 
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