Another Straight Line Analysis Journal

Wedensday 18th June 2014 NQ100 1 Min Chart Review
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Today I sat watching it for a long time before trying anything. I missed some entries because of this, but I can accept that more than overtrading.


1. Opened down to the midpoint of 74 and turned back up to test the overnight highs.

2. Here we reached the overnight lows and went back upto the 50% point of the fall. The fall from this could

indicate a weakness in price, but it rallys again to the make a double top at the 50% point.

3. After the double top we have a retracement to allow a short, but we could just as easily be within a tight range from 71 to 76.

4. Entering a long here after the retracement following the line break. Could have easily entered way back if I had used a steeper supply line when the price reacted of the mean of previous days action after 1510 on the chart.

5. A short on the retracement. A stop above the swing high would not have been triggered, can I hold for longer? Still reviewing old charts to see if I can accept the higher risk.

6. Another short on retracement if the first one was stopped out.

7. This time I accepted the long from the steep supply line break. We also made a double bottom with the earlier low.
 
Thursday 19th June 2014 NQ100 Market Preview
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Long term we are back towards the all time highs. We may see a halt here or a reaction either way. On the 60 min we are sitting at the top of the upward channel, but we will see today it the price ignores it, or if it falls back to the mean.

Yesterday we hit a low approx 20 points below the open of 78 and finished with a high approx 20 points above the open. Since then we have stayed at the highs overnight, sitting just below the 803 mark where we have stalled previously.

Highs at 803 and 805. Lows at 94 and a big fall to 55. 50% point at 79.
 
Thursday 19th June 2014 :- NQ 1 Min Chart Review
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Today I had 3 unsuccessful trades. We spent most of the day within the overnight range so it was never going to be easy today. Try again on Friday.


1. We opened and tested the overnight highs. When this failed, we could put a short on the next retracement, but I was waiting for it to pass below the overnight low.

2. A short as we passed out of the overnight range. This one didn't go anywhere.

3. We tried down and didn't go anywhere so I put a long on the attempt to go up. This failed quickly.

4. Another short on the break below the overnight low. This failed again so I stopped for today.
 
Friday 20th June 2014 :- NQ Market Preview
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We spent Thursday within the range of Wedensday. We had a high of 805 in the morning and a low of 74 in the afternoon, with price settling somewhere close to the mean of 89 overnight.

In the morning we had a high of 94, which is currently being tested before the open. We have highs at 96 and the usual congestion around 800, and lows at 85 and 74.
 
Friday 20th June 2014 :- NQ 1 Min Chart Review
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Most of the morning was spent inside the overnight range. We frequently have these days of indescision, where money changes hands to arrive back where we started. They are not too painful, unless I get caught in the chop.


1. After the open we formed a hinge, eventually exiting and breaking above the overnight high. We couldn't quite reach 800 with the breakout, and reversed sharply back to the hinge mean.

2. The price moved in a tight range of overlapping bars, before falling quickly after a feeble attempt to get higher. I entered a short on the first retracement.

3. We didn't quite make it to the overnight low, before we broke the supply line and turned upwards. I entered a long on the first retracement.
 
Monday 23rd June 2014 :- NQ Market Preview
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We had a breakout during the night reach 807, before we returned again to the mean of our hourly channel. I don'tknow what inspired that breakout, some news or announcement somwhere?

Currently we are sitting at the low 90's waiting for the open. This is roughly the midpoint between Thursdays low and our recent high. Will we try a test above or move down to the lows today?

The lows are at 86 to 84, before a gap until 74 the low of Friday. Beyond that we have a low at 55 from Thursday.
The highs are at 94 and then the usual potential hurdles to pass from 800 onwards.
 
Monday 23rd June 2014 :- NQ 1 Min Chart Review
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I didn't do anything today except observe price, and draw a straight line. We made a range from 87 to 97 for most of the morning. We could enter a short at the top of the range, and I thought about it after price broke my line and retraced, but it didn't seem to be a day for going far, so I left it. Try again on Tuesday
 
Tuesday 24th June 2014 :- NQ Market Preview
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The price moved between 84 and 97 from yesterday until this morning. Currently we are on the way up to test the highs of 97 again. The highs and lows to watch for are the same as yesterday.
 
Tuesday 24th June 2014 :- NQ 1 Min Chart Review
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A big move up today. I always know its going to be a busy day, when I have to switch out to higher timeframes to check the bigger picture. Today it didn't pay much attention to the lines and levels that I had prepared, apart from a pause around the previous highs at 307.

1. Opened with a move above 97 and eventually reached the highs at 807. We paused here and broke the demand line so I placed a short on the next retracement, which stopped out in a few minutes.

2. In hindsight there is a retracement for a long here after a supply line break, but I didn't see it at the time.

3. A long on the first retracement after the breakout. Stopped out below the swing low.

4. Another long on a retracement, which continues upwards. This was a long way from the initial breakout, but it worked for a while, until price flattened out.
 
Wedensday 25th June 2014 :- NQ Market Preview
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Yesterday we had a 50 point up and down move. The breakout of the highs couldn't even hold until the end of the day. A lot ofpeople were willing to buy the new highs and a lot of people were willing to sell and take back at lower prices.
The highs and lows of the day were 828 and 781 with a midpoint around 804.

Overnight we could not make it past 96, which has seen resistance on previous days, and we have a low at 81 before the close. We are close enough to the lows to make a test at the open, and after that we have lows at 74 and 55.
 
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