Johnny Rock's comeback

Discussion in 'Journals' started by johnnyrock, Jul 20, 2017.

  1. johnnyrock

    johnnyrock

    New balance. $3950. $275 loss Screenshot_20170811-134844.png
     
    #211     Aug 11, 2017
  2. johnnyrock

    johnnyrock

    Edit: $245 loss. New balance $3950.
     
    #212     Aug 11, 2017
  3. Overnight

    Overnight

    Thought you were letting it run into market close? You have 50 minutes left.
     
    #213     Aug 11, 2017
  4. johnnyrock

    johnnyrock

    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.
    2017-08-11-14-14-23--45505973.png
     
    Last edited: Aug 11, 2017
    #214     Aug 11, 2017
  5. johnnyrock

    johnnyrock

    Part 2:

    On the 30' range was contracting and started expanding again. Movement was to be expected, but what direction?
    2017-08-11-14-13-42-868999324.png
     
    #215     Aug 11, 2017
  6. johnnyrock

    johnnyrock

    Part 3:

    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.

    Screenshot_20170811-142540.png
     
    #216     Aug 11, 2017
  7. 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, o_O

    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,
     
    Last edited: Aug 11, 2017
    #217     Aug 11, 2017
  8. truetype

    truetype

    Just looking at Johnny's photo... Is he any relation to the site owner?
     
    #218     Aug 11, 2017
  9. johnnyrock

    johnnyrock

    This minor support level may hold, but if it does my guess is the snapback would be quick and happen next week. Screenshot_20170811-171338.png
     
    #219     Aug 11, 2017
  10. johnnyrock

    johnnyrock

    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.

    Screenshot_20170811-171418.png
     
    #220     Aug 11, 2017