If You Can Draw A Straight Line . . .

Status
Not open for further replies.
Quote from dbphoenix:


This isn't to say I'd go long right here, but neither would I be surprised by a breakout to the upside. If we do, that implies a try for the upper limit of this trend channel, at around 3400, and we have three weeks to get there.
More...

You and your wizard hat!
 
Quote from dbphoenix:

It's a gift.
More...

I bought the breakout at 46 this morning, and I kept 4 contracts through the close to hold for a possible multi-hundred point trade. My predicament is that I only have one futures account, and my understanding is that I cannot "trade around" these contracts that I own from 46.25. So I will probably open a second account and wire 10K in so I can keep day trading. Unless the NQ really drops tomorrow to get me to closethese long contracts, I will probably not have an account to day trade until Wednesday at the earliest.

Another predicament is that I am under the impression that these September contracts will stop trading soon, and that the December contract will become the one to trade. I should have thought this all through a bit more, I guess. :confused:
 
Well, I read things wrong today. I took the 10:00 LH as a sign that we were not going to make a new high and started waiting for shorting ops. There was one about 10:09. I made a couple of other stabs short for a losing morning and quit.

What I did not notice was that the pullback low at 10:12 hit strong support at 46.50 which held. The short game was over.

The 30 min chart was pretty clear with nothing but HL all day.

Tomorrow......
 
Quote from fortydraws:

I bought the breakout at 46 this morning, and I kept 4 contracts through the close to hold for a possible multi-hundred point trade.
More...

That was the situation in April, and the trade wound up being worth 270pts. At that time, though, the NQ had a lot of catching up to do. That's not the case now.
 
Quote from dbphoenix:

So here we are. Again. Only a few points from a new (30-day) high. Gurubabble would most likely say that price could go either way, which, technically, is true. However, we've been up here since midnight, in an extremely tight range. Though we could fall, it seems to me that if we were going to fall, we would have, or at least tested the downside.

This isn't to say I'd go long right here, but neither would I be surprised by a breakout to the upside. If we do, that implies a try for the upper limit of this trend channel, at around 3400, and we have three weeks to get there.
More...

DB,

I posted the weekly chart above. This is the daily. Since we are at resistance on the daily, one should expect some selling before continuing the climb up, if that happens to be the case, correct?
 

Attachments

Quote from jack411:

DB,

I posted the weekly chart above. This is the daily. Since we are at resistance on the daily, one should expect some selling before continuing the climb up, if that happens to be the case, correct?
More...

Possible, but we spent a month in this trading range, and though it might test 50, it's unlikely that this whole effort will fail. It can, of course, which is why it's important not to have a bias. If it does test 50, it'll be interesting to see what traders do.
 
Quote from dbphoenix:

Possible, but we spent a month in this trading range, and though it might test 50, it's unlikely that this whole effort will fail. It can, of course, which is why it's important not to have a bias. If it does test 50, it'll be interesting to see what traders do.
More...

Yeah I'm looking for 50 to be tested tomorrow as a support area, but trying not to have a bias :)
 
Status
Not open for further replies.
Back
Top