Another Straight Line Analysis Journal

Friday 25th July 2014 :- NQ Market Preview
--------------------------------------------------------------------------------

We dropped to the next level yesterday and overnight. We came to a halt around the Tuesday highs, but if these do not hold then we have large drops between potential support areas.

I am taking today off, so I won't be watching the live prices today. Good luck to everyone who is trading. I'll be back later.
 
Monday 28th July 2014 :- NQ Market Preview
--------------------------------------------------------------------------------

We are currently sitting at around 50% of the drop from 91 to 37. This area has provided some resistance over the weekend. The highs around 65 are the point at which I have a gap on my chart. I think it was Amazon that caused it. I haven't seen gaps like this on the NQ charts. Bridging the gap will take us back into Friday's action, or alternatively a break down from here to the lows of overnight range at 37, puts us back into the congestion from the previous week. No predictions. I'll just watch and see.
 
Monday 28th July 2014 :- NQ 1 Min Chart Review
--------------------------------------------------------------------------------

After spending some of the weekend reviewing charts for stops and exits, I approached this day with a more relaxed attitude. I have a lot more work to do before starting with real cash, but it was helpful, although today was a relatively easy trending day, and not the stress of chop.

1. After the open there is a failure to reach the opening highs a few minutes later. This is followed by a fall, and I eventually entered a short on the first retracement. Eventually we fell to 40 before turning upwards,

2. Watching the upward movement from 40 I notice that each bar did not drop below the one before for 10 minutes. This was starting to look like strength to me, until we fell sharply at 15:01 on my chart. While I was thinking about what was going on now, the price fell again at point 2. I had missed the demand line break with retracement. Not a good one to miss.

3. This one looked like a higher low after the supply line break. I got in a bit early, and while the price eventually went up, I would have been stopped out already.
 
Wedensday 30th July 2014 :- NQ Market Preview
--------------------------------------------------------------------------------

On the daily chart, we have made a pullback from the highs over the last few days, and have begun to turn upwards again. We were not able to stay below the previous swing high on our drop, so we look to have some strength for now.

Yesterday ranged between 29 and 77. In the morning we are testing the 77 point again, and currently sitting just below it.
The overnight low is at 48. Below 48 we have lows at 10 and at 853. Above 77, our main high is at 91.
 
Wedensday 30th July 2014 :- NQ 1 Min Chart Review
--------------------------------------------------------------------------------

The general trend for the day was down, and none of my longs worked. I can see that me view of the overall picture is not fast enough in real time, although I am not overtrading, which is good.

1. The price often claims back any gains from news, so with the lower high that stopped at the morning high, it wasn't a surprise to see it fall. The entry was at the break of the lows, but could have been a bit lower at the opening low.

2. This is a regular retracement entry during the trend. As always it is nicer to get in earlier, but this would have made a few points.

3. We poked through 64 and could not hold it, and then made a higher low a few miutes later. A long here went nowhere.

4. Another long when the price made a double bottom with the previous low. This also failed, and I had to go for the rest of the day.
 
Thursday 31st July 2014 :- NQ Market Preview
--------------------------------------------------------------------------------

After a fall yesterday, we made it back up to 50% of the fall by the close. Overnight we broke through a level of interest at 48, and travelled down towards 29 but rebounded up to test 48 again.

We are currently between the higher and lower levels.
Below 29 we have lows at 10 and 853. Above 48 we may start to see action at yesterdays low of 53, or up into the mid 60's around the mean of yesterday's action.
 
Thursday 31st July 2014 :- NQ 1 Min Chart Review
--------------------------------------------------------------------------------

Happy enough with today. The price reacted nicely at areas I had looked at before the open, and most trades moved at least a few points in the direction I was aiming. Could have got in earlier at trade number 4, which moved onto 5 instead, but overall it wasn't a difficult day.

1. With the breaking of a demand line before the open, there is an opportunity for the brave to short just after the open as it breaks the lows. This makes a quick hop to the overnight lows and turns back.

2. Retracement long after a test of the lows. It made a few points before turning back to break the demand line.

3. With the demand line broken, and a retracement, I put a shot here. A quick fail, and after a few minutes moved back to test the highs.

4. A fail at the highs, and a break of the line, with a retracement to test the line. At this point a short could be entered around 30 or 31.

5. However I waited until it had broken through the previous support at 29. This is probably leaving it too late, but it falls another 8 points from here anyway.

6. A retracement long which stalls at the opening lows.

7. I like this one. Clear line break after multiple attempts to break the opening lows (between 15:10 and 15:20 on the chart), which is also at 50% of the fall, and also around the previous lows at 29. This is followed by a retracement, with a short a few points below the swing high, so I can place a stop above it if required. Overall a sexy short, that works well for a change.
 
Friday 1st August 2014 :- NQ Market Preview
--------------------------------------------------------------------------------

The fall from yesterday stopped at 853 eventually overnight. Funny how these areas of interest often provide some action. The jobs report pushed the price back up, and it will be interesting to see if that will override the concerns that traders seem to have at the moment. We seem to have moved below the daily channel at the moment, so we may see further falls.

In the morning we have moved up to a high of 88, and are currently sitting below that. Above this we have action around 900, and large moves to get to further areas of interest. If we break down through 53, then the next low is at 31.
 
Friday 1st August 2014 :- NQ 1 Min Chart Review
--------------------------------------------------------------------------------

20 points up from the open, and I got nowhere near it. Instead I was on the down trend after the line break. We have reached 11am and are back more or less at the open price. Overall I'm happy with the week. I felt more relaxed looking at the price, and I learnt a lot last weekend and during the week, from my own trading, and watching others. Enjoy your weekend.

1. It took quite a while after the open before I saw anything that I liked. We had stopped moving upwards at the area of interest around 900, and fallen through the trend line. Looking at this one again, I could have entered 2 minutes earlier, because we did have a retracement up to the trend line, followed by a fall. At the start of the year I would have been chasing every entry, so I am happy that I waited.

2. We made it to the opneing lows and paused, and then it looked like we might proceed downwards. However we made a higher low and with the supply line broken, there was an opportunity for a long.

3. Shorting opportunity here after the retracement. I'm just watching for now.
 
Wedensday 6th August 2014 :- NQ Market Preview
--------------------------------------------------------------------------------

I was sick for the last few days, but back now.

The price has broken out of the daily channel and may now head lower. We have areas of interest at the next swing low at around 830 and some previous highs around 805. If we are indeed changing direction, we may drop further.

Yesterday looked like it was going to revolve around a mean, until it headed downwards in the afternoon, reaching lows of 52 before the close. After the close we moved back up towards the opening price, before heading down again to the low in the morning. We have tested last weeks low of 47 and broke through without holding on. I will watch below for a break of current low at 45, and above for the high at 56.
 
You must log in or register to reply here.
Back
Top