Friday 7th Mar 2014 NQ100 1 min chart review Pre market open Again we are up at the top of the long term channel. There was a gap up before the open at 8:30 from 24 up to 28. I have noticed that when these start to fill they often complete, so good to watch when price comes back to that area. The recent highs were at 40, and a recent low at 31 1. The price opened up to 37 which was quickly rejected, and came back towards the premarket lows of 31. Personally I would short below 31 with the possibility of reaching the bottom of the gap, just based on back testing I performed in a previous life. 2. The gap was filled quickly then price halted. This gave an exit point, when price rose again towards 27. 3. Price moved down to a morning low of 20, where it found instant support. It rose again to 27, and was rejected again. This should be a point to enter a short, or you could wait until it breaks 20 again. There was no more previous areas of support on the chart for miles after this. 4. The price dropped quickly to 3700, retraced and made a higher low. Could go long above 705. Price movement faded quickly, and it struggled to get anywhere. Possibly only small money buying now, after the big boys have made a killing on the 40 point drop. 5. We have a demand line break with retracement for a short, which went nowhere, and we went into a range from 08 to 14 for a while. 6. Eventually we went below 08. There is a retracement back into the range for a brief moment and then it broke down below 6. 7. Db pointed out an interesting short entry on the retracement to enter around 04. I am noting it here in order to look for similar price action during observation and testing. 8. Price eventually halted around 90, and relaxed for a while. This was a good week. Lots of annoying days to test patience and attention span, and also a day like today with a nice breakout with good entry signals and very little annoying support to get in the way. Now gotta go and sort out my Ninjatrader and IB. They are both talking to each other but not listening. I will digest the last few weeks and decide on some testing to be started at the weekend.
Pre market open Friday lows at 87, and we have moved down from the highs of 40. I missed the market open and first 20 min, so I won't review any of the action at the start. 1. At 10:00 price made a double top at 10 and this was also a bounce off a previous hourly swing low. Potential short below LSL at 06. 2. Price fell to just above 98, 50% of rise from 687 to 710.Here we halted and made a higher low, but no long was triggered. Price fell again to below opening lows to 93, and then up to 98. 3. We have a break of the SL, retracement, and a potential long above 98. This was not triggered, and we moved into a range. Price failed in its attempts to get above 98 so maybe buyers from the morning sensed the time to get out, and price eventually fell. 4. We broke down with a retracement, and reached 84. Couldn't hold this and couldn't stay below last weeks lows. Moved into a hinge. Which eventualy broke upwards. Didn't have full prep today, tuning in after the open. I know this doesn't work for practise or trading, but was unavoidable today. For anyone who has issues with connecting IB to Ninja, I spent hours at the weekend trying to get IB to send historical data to Ninjatrader for backtesting. Finally got it sorted 1 hour from the open today. It turns out that I had permission to view futures prices and charts in IB, but to send the data out to Ninja I needed IB futures trading permission, which was not set up when I joined IB. Now have to wait up to 48 hours for IB to set it up, but happy it is resolved. Some of the help I found from the Ninja guys was very funny, "Interactive Brokers is a very complex and troublesome system. You can run into various issues for a myriad of different reasons. Helping with these kinds of issues, is exceptionally difficult for us. We do not know what to suggest".
Bon, AMP lets you download their free ninja demo, once you set it up, you can use the replay feature all you want. BTW, don't worry if your broker doesn't allow you something, worry about brokers when you have a profitable plan, for now, any good charting program (a free one the best) will do.
Thanks guys, I'll wait and see if the IB futures approval sorts it out when completed. Should be today or tomorrow.
Tuesday 11th Mar 2014 NQ100 1 min chart review Pre market open Morning lows on the minute chart at 704, and further lows around 93. The nearest high is 40 from last week. Interesting to see if we go back to the top of the channel, or head to the mean. Open 1. There was a double top before the open just below 19 with demand line break and retracement for a short below 15. This would have triggered, but eventually went back up again to 18 after the open. 2. Price rejected this level again and fell to the previous lows of 12. There was a retracement and then it fell to break support at 12. 3. It rejected 04, which I had noted as an area for possible support, but there was no retracement after the SL break, and it moved up to reject the moring low of 12. 4. We had a demand lie break at 12 but no retracement, and price quickly moved back to 04 again, making a higher low with a retracement for a possible long. 5. We moved into hinge and eventually broke to the upside, at 10:15, and went above the opening lows at 12 which we tested from above. 6. Once above opening highs we held around the 20 area for some minutes. This was an important area last week. 7. We eventually broke out and reached 26 where we finally had a demand line break, retracement, and a short opportunity.