Another Straight Line Analysis Journal

Wedensday 2nd July 2014 :- NQ 1 Min Chart Review
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We tried for the 900 point again today. I couldn't get in at the opening rise and there was a bit of ranging after that. I guess a lot of descisions are being made around this area, so it may take time to work through.

1. We opened upwards to 92, and then retraced 50% of the move from 84. We moved up again to 93, and again retraced without breaking the 50% point. I placed a long here thinking we were either in a range or we might be showing signs of strength for a breakout. This reached 93 again and failed.

2. After a lower high and retracement I put a short on which may only go to 88. Eventually it made it just past 88 before turning up. At this point I thought we might be in a range for now.

3. Here we did not drop below the overnight high on the retrace, so I chanced a long, knowing that the all time high was a few points away. This went nowhere.

4. This time after the line break and higher low we had some space to the top if it worked, so I put a long on here, which moved up to the highs again eventually.
 
Thursday 3rd July 2014 :- NQ Market Preview
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After making a high of 96.5 yesterday, we made a big fall down to the previous overnight lows at 83. Obviously someone cashing out for the day. We didn't break through that low however, and moved back up to somewhere around our mean for the day of 90.

In the morning we have moved up again to the mid 90's. Again there must be someone out there who would like to test the 900 mark. Wait and see.

Areas to watch are the high at 96, and lows at 88 and 83. If we pass through 83 in particular there is not much stopping the price reaching the 50's.
 
Thursday 3rd July 2014 :- NQ 1 Min Chart Review
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The jobs announcement shook things up before the open, but then we stayed within the limits of that trading after the open. Obviously most of the money was played from before the open.

1. The jobs announcement moved the price up before the open, but as so often happens, the rise is retraced on the open. I was a bit late getting into this short, but it was the first retracement for me, and it didn'tgo far.

2. Long after the higher low.


3. We failed to reach the previous highs, so I put a short on the retracement.

4. Another failure to reach the highs. This short went nowhere.
 
Monday 7th July 2014 :- NQ Market Preview
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There was no 4000 for the 4th of July, but we did make it above 3900, eventually stopping at 918. Since then we have drifed off to sit above 900 in the morning.

For the open we have a low of 905 and a high of 918. Below 905 we will soon start to get into the congestion of previous days. 900 is 50% of the move up over the last few days and it is right within the busy area of Friday.
 
Monday 7th July 2014 :- NQ 1 Min Chart Review
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A calm day within the previous limits. My entries weren't too bad, and I didn't overtrade. Try again tomorrow.


1. the open it looked like we moved into a tight range. I took a long on the higher low on the chance of getting in early on a breakout, but it didn't happen.

2. I tried a long again, when we bounced off the 50% point. This one worked better, and we moved up to 916 before halting.

3. Because we could not make it to the previous highs, I saw the double top as the opportunity for a short. This did go down eventually, but I would need to have a stop above 916 to hold on. A 2 point stop is manageable. It all depends on how low the entry is from the previous swing high.
 
Tuesday 8th July 2014 :- NQ Market Preview
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We failed to get to the highs yesterday, and we then fell back and have moved back below 900, taking back most of the gains of the weekend.

Overnight we moved between 897 and 907 and in the morning we are close to yesterday's low of 896. This area is at the highs of last Wedensday, so below this we move into the congestion from then. Below that we have a low at 883, and then a big fall off after that. Above 897 we have highs at 916 and 918.
 
Tuesday 8th July 2014 :- NQ 1 Min Chart Review
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1. At the open we tried higher and failed, we broke through the lows, and I put a short below the lows. I didn't know if it was going to turn back up straight away or make a few points into the congestion of previous days. In the end it fell sharply. As usual I never know what is going to happen after I place a trade. The prep work just gives me an inidcation of areas of interest, and I can choose what to do depending on how price acts at those areas. Today was one of those rare days where it worked straight away.

2. At this point I have indescision. The supply line has been broken, and we have a higher low. However, my longer term chart still shows a long way to the next level, and my prep leads me to expect a further fall. Ultimately it did fall, and this was a dog that didn't bark.
 
Wedensday 9th July 2014 :- NQ Market Preview
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Yesterday we returned to the mean of the 60 min channel, after a large fall from the top of the channel.
After hitting a low of 841, we have risen again to a high of 872 in the morning. No particular direction is apparent at the moment, and we may decide to rise towards the highs again. Short time to write this because of computer problems. Will watch levels as usual.
 
Wedensday 9th July 2014 :- NQ 1 Min Chart Review
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Today we had a few moves up and down, but stayed well within yesterday's range. After the previous big fall we seemed to be revolving around a mean close to the open price for the morning.

1. On the open we fell slightly and then moved up above 76. I put a long on when we retraced to 50% of the rise and turned back up. This failed quickly, although we made a treble bottom soon after and moved back up.

2. From point 1, we moved up and turned at the 50% point of the fall from yesterday, and moved back down to the opening lows. After a retracement I placed a short. This has a risk of entering at the bottom of a possible range, but for the moment the price moved lower.

3. This is my first retracement after the supply line break. We are at the 50% point of the previous fall, so we may reverse or go nowhere, but in the end it moved up to previous highs.

4. The demand line has broken and we are at the morning highs, but it is late in the morning, so nothing may happen with this one. Ultimately it breaks the LSH, but not the morning high a few minutes before.
 
Thursday 10th July 2014 :- NQ Market Preview
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We have had more movement after the close than we had during the day. After reaching a high of 91 before the close, we have fallen fairly consistantly, to come close to the swing low at 41. If we go below this, we give back our July gains and are back into the congested area of June on the 60 min chart attached.

I'm not sure what such a big overnight drop will bring, because I don't see that very often. Obviously I will watch for the 41 point if we keep going down. The daily channel bottom is about 789 at the moment. I will be surprised if we bounce back up off 41, but will still look for the usual retracement entries.
 
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