Discussion in 'Journals' started by johnnyrock, Jul 20, 2017.
New balance. $3950. $275 loss
Edit: $245 loss. New balance $3950.
Thought you were letting it run into market close? You have 50 minutes left.
Rationale (1 of 3):
Until price reenters 240' congestion, I am only considering shorts at certain levels, within the context of the current trading day. Short term bias down.
The 240' of the ETF equivalent captures price for the first 4 hours of RTH, but it also captures the last 2.5 hours in a single bar. I think this os significant, but this is a new idea of mine, so time will tell. However, the last bar of the last few days showed a lot of movement. On one day the gains were wiped out in the afternoon session and two trading days hence the last bar printed a hammer.
Both bars show something significant happened on a smaller time frame.
On the 30' range was contracting and started expanding again. Movement was to be expected, but what direction?
The yellow line is what I determined to be a failure point for those trading off the 5'. My "hope" was this could be the level that triggered a fresh wave of selling. It did not, but I think the rationale was sound.
You should have gotten ready to pull the trigger/close your position around the 3-3:30pm-3:40 mark today...that range is flirtting with the bottom of the day's general expectations,
but i hate giving advice in hindsight -- because of course everything is crystal clear and done,
If you try to time/milk the position for all its got...you risk losing your profit -- which is what exactly what happened to you today,
PS. i have no idea what are the NQU17/E mini/futures are...i just trade/follow the S&P 500 and DOW charts. (options on that)
But we all virtually trade the same thing...we follow the Broad, collective market,
Just looking at Johnny's photo... Is he any relation to the site owner?
This minor support level may hold, but if it does my guess is the snapback would be quick and happen next week.
The next stop is this level - although price action may find support somewhere in the middle. Even so this is, roughly, a 5% correction. Just a blip.