John's Intraday Market Analysis

[JimmyJam]

Quote from john99:

739 support ER2. Trendline is close to breaking.

I see it as being a resistance level.

Are we saying the same thing in a different way?

Best,

JJ

 

[john99]

Quote from JimmyJam:

I see it as being a resistance level.

Are we saying the same thing in a different way?

Best,

JJ

Yes, 740 resistance, 739 looks to be a breaking point,,,crap, just missed it.

 

[john99]

739 broke,, arghh was that 38% retrace,,I'll have to check

 

[john99]

38% retrace hit,,,

 

[john99]

I still like the long side that we got the retrace to 38%, 45min left,,,rally to the close??????

AAPL, GM look good.

Gulp...

No trades yet. Institutions may want to selloff tommorow for month end,,, what a delema for going long. CNBC putting thoughts in my head,,,

 

[4re]

Hey John,
How are things going in your neighborhood? I didn't know that you started this journal but wanted to wish you good luck and a lot of good trading.

Gary

 

[john99]

Quote from 4re:

Hey John,
How are things going in your neighborhood? I didn't know that you started this journal but wanted to wish you good luck and a lot of good trading.

Gary

Thanks Gary, your thread is awesome.

I hope I can help people out from showing good trade setups and giving my thoughts on the market internals for market direction.

Choppy trading, 739.4 ER2 resistance. I'll stay out and watch, I get chopped up the last 30min in futures.

 

[john99]

Trading summary:
Should have used tighter stop on first YM setup since 50% retrace bounce failed. (4-5pt stop would have been better, also trade entry didn't have SOX support)
Should have held winners longer, taking note of time of day and tuesday low(12pm reversals). Need to work on trade setups for fading tick extremes on range days.


I'm going to post my trade execution log at the end of the day for this journal to prove that what I'm typing intraday is for real if that helps anyone. You'll see many trades that I don't type in this journal because they are quick scalps. When I do post trades, they are for longer holding time frames, 6-15min unless target is hit, I don't feel I'm giving away any edges from showing them. I use market internals as a part of my intraday trades, so simply looking at a YM chart and my executions won't tell you my reasoning for the trade.

P/L= $258

 

[john99]

DAX intraday high may 11, = 6,162.37 (yahoo reference)

sep 29 currently at 6020. (last day of month for trading and 3rd qrtr.)

Note:61.8% fib. held in June.


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YM premarket shows open at yesterday intraday high (11790 on YM) ~11,775.36 DJI
May 10 intraday high 11,709.09 DJI.

 

[john99]

Waiting on consumer sentiment at 9:45, ER2 breakout above 740. YM res. 11796.

Edit:NQ and SOX weak. Bear div.

Edit: 9:49am- Amex down -.79%.
YM bull div. ER2 at 38% retrace fib. 737.6