Another Straight Line Analysis Journal

[BonScott]

Wedensday 6th August 2014 :- NQ 1 Min Chart Review
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Neither of the two entries that I made today were any good. I was going against the trend today, and it showed me who is boss.

1. An entry on a line break and a lower high. Didn't go far. We are trending upwards today.

2. Here I seem to have disregarded the longer term demand line, and gone for a break of the short term line. Another failure.

 

[BonScott]

Thursday 7th August 2014 :- NQ Market Preview
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Yesterday we moved upwards, but we ended close to the close of the previous days trading. We are still outside our previous daily channel, and this may be the end of that channel.

The overnight range was between 63 and 86 and we are currently back into the 80's. Before the open we have highs at 86 and 91, and lows at 63 and 42. Above this we have highs at 900 and 915, and below we have lows at 30.

 

[BonScott]

Thursday 7th August 2014 :- NQ 1 Min Chart Review
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Today I put in more trades than usual. I decided to look at entering on most of the retracements for a change. Looking at today in isolation, I would be better sticking to less trades, and waiting for good ones like I had been doing previously. I will review this at the weekend in more detail. Nothing lost, because no money is being traded, but it was not a sensible days trading. I promise to be more sensible on Friday.


1 & 2. Both of these were shorts on a rejection of the overnight high.

3. If we are not going down, then maybe its time to go upwards. This one only made it to yesterday's high.

4. & 5. 4 is a long on the break above the overnight high, and 5 is a short on the rejection of yesterday's high. These trades are like bouncing a ball around a small room.

6. I didn't print the chart at the time so the retracement appears a few bars later than my entry now. Maybe I should have waited till now to trade, since there was a line break at the highs and a big fall. Alternatively I could wait until the morning's lows are broken below 78.

 

[BonScott]

Friday 8th August 2014 :- NQ Market Preview
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After reaching wedensday's highs the price turned and eventually reached the lows from mid July at around 30 and passed through to 26, before turning upwards. We now have an overnight high at 71 and yesterday's high well above at 91. The lows are at 26, and then the next point of interest will be as we reach the 800 mark. We could see a pause in movement as we come closer to that point.

My aim is to take only the best trades today. Trying for a calm friday, before reviewing the week at the weekend.

 

[BonScott]

Friday 8th August 2014 :- NQ 1 Min Chart Review
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I did a bit better today, but how much was down to me and how much was because of a friendly market will have to be reviewed over the weekend. My trading has to become consistantly profitable no matter what the day gives, and independent of my own hopes and fears.

1. Despite my intention to be sensible today, I marked a short here on what looked like a retracement from a steep line break. This is what I get for being in such a hurry to become more patient.

2. Here we have a break of a more reasonable line. As always when a trend wants to happen, any retracement entry is good. Could also have entered 5 minutes later at a slightly lower price.

3. This one is a nice clear retracement after a line break. I actually expected nothing from this, given that it was going back into todays range, and could have possibly failed instantly, as we were at the line of the low after the open. As I have learnt by now, the trades are immune to my predictions. Better just to leave the predictions at home, and trade well, and take the losses when they happen.

4. Marked this one in because we have the line break, but we are getting close to 11am, and a possible slowing of momentum.

 

[BonScott]

Monday 11th August 2014 :- NQ Market Preview
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We hit a low of 44 on Friday and since then we have moved right back up to test the 900 mark. Above this we have a high at 16. If we fall, we have a low at 73 which is 30 points away. In the daily chart we are moving sideways at the moment, until someone makes a descision on where to go.
My study went reasonably well at the weekend, so I'll see if I have learnt enough to make things better this week. As always, the more you study this, the more you see that you need to learn. Good luck to everyone this week.

 

[BonScott]

Monday 11th August 2014 :- NQ 1 Min Chart Review
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We had a range, then a bit of a trend, and then another range today. Early entry on the trend made a few points, and after that nothing good. It was a calm enough day with few entries for me.

1. After the open we tested the 900 mark and moved back down to 95. I put a long on the retracement just before the opening high, with a stop loss on the bottom of the previous bar. This one should either work well or give up soon enough.

2. At this point we have a break of a very steep demand line. There is no swing low along the way to make a more forgiving line, so there is a descision to make to either put a long on the continuation (a), or to put a short on the lower high (b). I have learnt to do nothing when I don't know what to do.

3. Here we have a retracement after the line break. Looking for this to go through the lows quickly, or else wait for another entry later. There is a break of the line 10 minutes later, but the bars are generally closing at or above the line. There is no clear breakdown or strong selloff.

4. Its nearly 11am now, so this will probably not run far. In the end it couldn't break through the resistance.

 

[BonScott]

Tuesday 12th August 2014 :- NQ Market Preview
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On the daily charts, we are still moving sideways and have not made a clear break up or down. Looking closer at the hourly chart we have resistance at 918. Above 18 we have a good distance to move to previous highs and congestion.
Yesterday we passed through the previous highs at 16, but only made it to 18 before falling again. This level has been tested in the morning and failed again, and we have now passed through the swing low at 901.This may lead to further falls before the
open, and we may retrace yesterday's rise. We have a low from yesterday overnight at 893, and then various lows at 73, 56 and 43.

 

[BonScott]

Tuesday 12th August 2014 :- NQ 1 Min Chart Review
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This was my first day using Multicharts, after changing over from Ninjatrader. We didn't make it back to the overnight high, although we did move up in the first half hour. After that we fell until we reached the opening lows by 10am. Looking at this as I write we have eventually fallen decisively through the lows, although this is not shown on my chart.

1. I put the short on the break of the swing low, and it made it to the 50% point before stopping.

2. Long after failing to get through yesterday's low. This one went nowhere.

3. I put a real trade on this one to test if I could do it correctly live. However I got an entry well below the low of the previous bar. My mistake with the chart trader. I exited when we couldn't reach the opening low.

 

[BonScott]

Wedensday 13th August 2014 :- NQ 1 Min Chart Review
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We had an okay trade soon after the open, with a failure at the overnight high. After that I messed up the next trade by not having my stop set correctly. That was it for the day today.
1. Short on retracement at the overnight high. Exited when it looked like we could not break through the swing lows.
2. Short on the breakthrough of the swing lows. This will either go through quickly or fail quickly. The exit is ridiculous because I thought that I had an automatic stop attached. Beginers mistake. Got to correct this before putting any more real trades on.
3. Unhappy with the previous exit. I did not enter here, but it is a valid SLA entry, although close to the highs.