If You Can Draw A Straight Line . . .

Status
Not open for further replies.
Quote from niko:

Sellers were waiting at 3110 for the eager buyers.
More...

Sellers are always waiting but price isn't dropping buddy. Lets see if price falls below 3108 but keep in mind the strength earlier.

Gringo
 
This Syria thing is messing everything up. News can and does move markets, but not for long, and it's nearly always knee-jerk. Now we're back where we were before the downdraft this morning, but trading as if it never happened is not necessarily the wisest course either.

The prior range was from 6 to 11. I suggest focusing on that.
 
Quote from Gringo:

Sellers are always waiting but price isn't dropping buddy. Lets see if price falls below 3108 but keep in mind the strength earlier.

Gringo
More...


Retracement has been less than 50% so far. The demand is also acting not too strong anymore. 3108 seems to be getting tough for price to climb over.

Gringo
 
Price is refusing to continue down. Earlier it refused to go above 77. The price behavious is such that I am not sure which side has more strength. I would be cautious at this time. Now I don't know whether I am too sharp to read the indecision of price as a sign accurately or too dumb to just have no clue. In either case for me this is a time to sit pat until the clouds clear. We are in a bull market until price proves otherwise.

The earlier weakness in GOOG is also more or less not sustaining itself hence even that's a stock possibly in a trading range and just resting.

QQQ Daily:
attachment.php



Gringo
 

Attachments

Quote from fortydraws:

Much of what happens today for me will hinge on who controls trade at 3100. Whoever has the ball, that is the team I want to play for.
More...

Good call.

Update: DL gone.
 
Quote from fortydraws:

The initial areas around which I will focus my attention on looking for a trade will be, first and foremost, that 3100 level, and what traders decide to do with it.

_____________________________________________________
Whoever controls that line early will likely tell me whether we see a buying wave to test supply at last week's 3109 high and possibly the overnight high at 3113.25;
___________________________________________
Much of what happens today for me will hinge on who controls trade at 3100. Whoever has the ball, that is the team I want to play for.
More...

Well, I missed the buy on the open. I realized I had not posted my plan here, and the process of doing so late caused me to be caught flat-foot at the open wearing the trading equivalent of cement shoes. From now on, if I do not have it posted by 9:15 AM, I am just going to have to skip posting until later.

So 3100 was bought, 3109 reached quickly. After that, I had considered a short, but with that 13.25 just a stampede above, and news at 10, I held off, thinking that I would do nothing unless price dropped back to 100 or traded up to 13.25.

Here is what I did: I shorted 11.50 during during the 10:14 - 10:15 bar interval, and I covered at the market during the 10:25 - 10:26 bar interval. The market order is what results in the goofy price.

EDIT: I included the trade log for those who are not satisfied with anything less :) This will be the last time I do this - here after y'all have to take my word for it, and if you don't believe me, then that will just have to fine with both of us :cool:
 

Attachments

Status
Not open for further replies.
Back
Top