A - Here is that REJ I talked about in the prep, the second one. The first one allowed me to draw that dotted cyan support line, but here when we had a poke again down it was a solid reason to go long based on the tick chart. Almost... almost got in. I might have sold just below 83 though.
B - WTF??? Where did this come from? 2 minutes before the open??? Lots of stops getting run??? I'm fully aware that this now creates an airspace, so although we have a strong move up, coming down to fill this area in is on my radar.
O - So we open somewhere around here...
C - I mark the 50% of the up move, and since we bounce off at exactly 50%, this shows a sign of strength.
D - Slightly lower high here, 3rd instance of turning around here. We just had a sign of strength below, and we aren't quite close enough to 91 for me to take a short yet. If I did, my stop would have to be around 92, so a bit risky. (says the guy who holds on for 4 point stops! LOL)
E - Was that a hinge complete with a test of the apex? Ok.. price busts through after, never mind....
F - WTF??? Again??? No way to prepare for taking a long or short here, price shoots up 3 points in about 2 seconds and righ back down.
Having a minute to think about it, the REJ of 91 looks good, but I'm only thinking this while at 89 now... so a bit too late to play the REV since the stop now has to be above 92.
G - So although we do REV at 91, this little REJ here is in fact another high low. Hmmm...
H - Looks like another REJ on this bar below here, but I don't take it because of all of these higher lows... I guess I am expecting a break of this level and going higher.
I - We are inching higher.
J - Really felt like buying here. The lows just keep getting higher, and when we run out of sellers, price will more than likely shoot up again.
K - A bit surprised by this drop here. Had I gotten in at J, I would have sold already once the trend line following price up was broken, so would have gotten out around 91.50, good for at least as scalp.
L - Is this a bounce of the little support shelf here where price was REJ at G?
M - We don't quite make it to the previous high, but I cannot overlook all of the lower highs below so I still think the LOLR is up, but going long up here is problematic.
So as it stands now, there are multiple reasons for why the LOLR is still up, but at the same time, we are having trouble staying above 91 so who knows how this will end.
SUMMARY
So it looks like no trades today. I have such a busy day which is a shame because today might be a big day once all of this mess is worked out.
I do feel quite good about the stuff I'm looking at now, and I think if I get my entries worked out and learn to scratch right away I might turn profitable. This is the beauty of trading at the extremes... the exit is well defined and very close by if the entry is right at the extreme level. Getting in again after a scratch I will still need to master, as well as taking the opposite trade once I'm out for a loss is also prudent under the right circumstances.
Just as I'm about to post, we do still go above M, but come back down... I bet we form a higher low and eventually go higher again!
B - WTF??? Where did this come from? 2 minutes before the open??? Lots of stops getting run??? I'm fully aware that this now creates an airspace, so although we have a strong move up, coming down to fill this area in is on my radar.
O - So we open somewhere around here...
C - I mark the 50% of the up move, and since we bounce off at exactly 50%, this shows a sign of strength.
D - Slightly lower high here, 3rd instance of turning around here. We just had a sign of strength below, and we aren't quite close enough to 91 for me to take a short yet. If I did, my stop would have to be around 92, so a bit risky. (says the guy who holds on for 4 point stops! LOL)
E - Was that a hinge complete with a test of the apex? Ok.. price busts through after, never mind....
F - WTF??? Again??? No way to prepare for taking a long or short here, price shoots up 3 points in about 2 seconds and righ back down.
Having a minute to think about it, the REJ of 91 looks good, but I'm only thinking this while at 89 now... so a bit too late to play the REV since the stop now has to be above 92.
G - So although we do REV at 91, this little REJ here is in fact another high low. Hmmm...
H - Looks like another REJ on this bar below here, but I don't take it because of all of these higher lows... I guess I am expecting a break of this level and going higher.
I - We are inching higher.
J - Really felt like buying here. The lows just keep getting higher, and when we run out of sellers, price will more than likely shoot up again.
K - A bit surprised by this drop here. Had I gotten in at J, I would have sold already once the trend line following price up was broken, so would have gotten out around 91.50, good for at least as scalp.
L - Is this a bounce of the little support shelf here where price was REJ at G?
M - We don't quite make it to the previous high, but I cannot overlook all of the lower highs below so I still think the LOLR is up, but going long up here is problematic.
So as it stands now, there are multiple reasons for why the LOLR is still up, but at the same time, we are having trouble staying above 91 so who knows how this will end.
SUMMARY
So it looks like no trades today. I have such a busy day which is a shame because today might be a big day once all of this mess is worked out.
I do feel quite good about the stuff I'm looking at now, and I think if I get my entries worked out and learn to scratch right away I might turn profitable. This is the beauty of trading at the extremes... the exit is well defined and very close by if the entry is right at the extreme level. Getting in again after a scratch I will still need to master, as well as taking the opposite trade once I'm out for a loss is also prudent under the right circumstances.
Just as I'm about to post, we do still go above M, but come back down... I bet we form a higher low and eventually go higher again!
. I was talking about the drop to hell in NQ. lol 