Another Straight Line Analysis Journal

[BonScott]

Tuesday 26th August 2014 :- NQ 1 Min Chart Review
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An up and down day, where we travelled to the overnight low, and back tothe open again. Not sure that I learnt from monday's trades. I was impatient again. Getting the balance between being patient and too hesitant is difficult. I will try to simplify today.

1. Short on break of opening low. I actually exited because I thought that I was being a bit hasty and possibly greedy, and I should be a bit more patient and wait for a retracement.

2. My retracement came and didn't even make it to the overnight lows.

3. Long on retracement. It got to the opening lows before it turned downwards.

4. This one is a retracement entry after the break, but the retracement is near to the lows. Ideally I would like the retracement to happen closer to the highs, to give at least a few points before reaching the lows.

5. Retracement after line break. This time the retracement is closer to the highs, but the fill is fairly bad, at the low of the bar. Waited for a while for it to work, and eventually exited on a higher high.

 

[BonScott]

Wedensday 27th August 2014 :- NQ Market Preview
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We made a few points gains yesterday, but couldn't breach the highs at 78. This high is still relevant today as is the overnight high at 77. We tested this a few times before turning down sharply. If we continue downwards we have lows around 61, and then 57. We are in a very similar position to the open yesterday.

 

[BonScott]

Wedensday 27th August 2014 :- NQ 1 Min Chart Review
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My stop exits were better today. I got out sooner on most of them, with less losses. I have noticed that I need something to occupy my mind while I am waiting for price to do something. By the time that the price broke above 68 at 9:40 on the chart, I was ready to stop trading. Tomorrow I will find my headphones and listen to some music to help.

1. Short on break of the overnight lows. Exited after a few minutes going nowhere. Somedays they work out.

2. Short on the break below the lows. Exited when we stopped falling. Didn't quite make it to yesterday,s lows.

3. Short off a test of supply line. I liked this one, but it didn't work out and I exited on a break of the supply line. When I
look at this again, I left it too long to exit. The price wasn't going down, just drifting sideways, and we had a higher low. Should have got a smaller loss here.

4. There should be a long here on the break of the line with retracement. I didn't take it and I would have been stopped out anyway. It then moves into a mess of overlapping tightly ranging bars.

5. I put this long on just to end the day with a profit. After 40 minutes sitting below 68, we should make the overnight lows, and thats enough for me for today.

 

[BonScott]

Thursday 28th August 2014 :- NQ Market Preview
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After a few attempts at the highs yesterday we have fallen off below yesterday's lows, and eventually we passed through monday's low, before returning higher again.

We are now sitting at the low again, so we may see a fall if we pass through it again. There are various lows which may hold the price, its a matter of wait and see how much people are willing to pay for it today.

I am feeling a down day today, so we should go up and break the highs, if my predictions are as accurate as normal.

 

[BonScott]

Thursday 28th August 2014 :- NQ 1 Min Chart Review
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1. I didn't find today easy. We bounced off the previous low and headed upwards. I should have put a long on a retreacement, but I waited to short the break of the demand line, and it went nowhere. With the small trends that happen, its hard to get in on a retracement entry and get more than a few points. A few points off each would be good though. Try again on Friday.

 

[BonScott]

Tuesday 9th September 2014 :- NQ 1 Min Chart Review
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Hi Guys, been absent for a while for various issues. Back for today at least. I tried my best today to follow my plan, but I made a few mistakes, nothing disasterous. We seemed to have a morning of revolving around the overnight low for the first hour. There were opportunities to grab a few points, but it was a fairly tight range.

If you look at the attached chart, you can see my entries floating in space instead of attached to the bars. This happened after I moved up to check the 5 and 10 min charts at the end of the day. Obviously a problem with Multicharts

1. This one is a straight forward short on retracement after falling at the open. The exit was way too soon, because of an error in setting up my bracket order. This caused an exit with this trade, and meant that I entered on the next retracement after this for a loss.

2. This one is because I made the error on the first trade. Probably a mistake to enter, as I was thinking about the mess I made of the first trade.

3. Long on a line break with retracement. I decided that I would get out if we could not reach the opening high, and exited on a bar after a high, which opened high and closed low.

4. Short on retracement. Exited when we couldn't make a decisive breakout. I was aware that we were near the lows and could easily stop and turn. I probably exited 2 bars too early, but would have got more or less the same exit price anyway.

5. The last one is a short on retracement and it is going through the overnight low. The very next bar broke through the entry bar, so I wasn't seeing a descisive breakdown. The good trades seem to just go and this one was stalling a little, so I exited after a few bars.

 

[BonScott]

Wedensday 10th September 2014 :- NQ Market Preview
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We are at the top of our daily channel, and on the hourly we are moving between 52 and 114. We have tested the 52 level a few times, and any break through gives the possibility of a much greater fall.
I will keep an eye on this level, although we may just spend the day within the range. The 60 points of the range gives plenty of
opportunity to look for trades.

 

[BonScott]

Wedensday 10th September 2014 :- 1 Min Chart Review
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1. Short below the opening low. Quickly reversed. This actually isn't a great retracement. Not a good start.

2. Short on retracement. This is near the opening low and the overnight low, so may meet some resistance. The bar that I entered on made a low, and then closed at it's extreme high. This did not look like a breakout, and I exited after a few bars where we could not make a lower low.

3. Short on the break below the overnight low. This turned and stopped out instantly. This is the 2nd breakout trade of the day that failed. That should tell me something.

4. Long on retracement. I held this one too long. I could have exited before my stop was hit, because price was going nowhere. Sometimes I am good at that and sometimes not. I need to be more consistant with that, and will try and focus on that for tomorrow.

5. Short on retracement after the line break. Exited when we didn't seem to want to make a new low.

 

[BonScott]

Thursday 11th September 2014 :- Market Preview
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Today we are hovering around the middle of our hourly range after moving off the bottom yesterday. The extremes to watch are still at the same points. I will do my best to elliminate some of the bad trades today, and try to stick to my planned entries and exits.

 

[BonScott]

Thursday 11th September 2014 :- 1 Min Chart Review
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I had chart trading problems from the start with Multicharts. This annoyed me, but I did try to see each trade on its own, like the start of a new day. Without these problems I would have ended with a good profit, but I picked most of the correct trades out, so I'm reasonably happy.

1. I wanted to put a Sell stop below the price on the retracement, but Multicharts would only let me put a Buy stop. Whats that about? Missed a good trade with that one, but at least I waited for the break and retracement.

2. We then went into a hinge, and exited sharply upwards to the opening highs. I put a long on the retracement after the breakout of the hinge, but it went nowhere, and I eventually exited for a loss.

3. Short on retracement after double top. Went nowhere, took the loss.

4. Again the chart trader is not working right, only allowing a Buy stop. I eventually got an entry a mile from where I intended. I thought about it and judged that my risk was unacceptable, because my stop would be too far away, so I exited after a few minutes.

That was it for today, the problems are annoying me. I must go and find out why its happening.