Daily http://www.sierrachart.com/image.php?l=1398420256805.png 60 min http://www.sierrachart.com/image.php?l=1398420272148.png 15 min http://www.sierrachart.com/image.php?l=1398420393555.png Yesterdays' bounce could not push prices over the UL of the Daily TC. However, within the context of the 60 min TC, price is currently moving at the LL - which would normally set the LOLR as up. However, considering that price was rejected at the 60 min TC's mean, and the slight falling action afterwards, the Daily TC takes precedence and establishes the larger LOLR as down. On the 15 min things looks more balanced, with a LH and HL. However, this isn't a hinge as there is no compression. I will not take a position unless price exits either of the lateral boundaries before the Open. However, all lateral range restrictions are off at the Open. If price trends, I will seek to position.
FT Day 160 April 25th http://www.sierrachart.com/image.php?l=1398439292343.png 1. PA confirmed the prep work and gave me confidence to take the shorts. 2. Once price arrived at 44, I noted that while there was a lot of congestion at this zone, trading was quite subdued when price first arrived at this level. This put the odds towards trend continuation. Additionally, the Open Range was there to provide R. While I was able to sit through the congestion, I exited early once price sneaked back inside the congestion after a small BO. The odds for continuation had increased in my favor. This was the absolute worst time to get out. 3. Got spooked at the re-entry at 44 because I had been conditioned to expect chop from the earlier action. But there was no real move back above 44 and no reason to get out. 4. The short at 3552 was worth 27 points and I finished the day BE. This is what I would like to change.
http://www.sierrachart.com/image.php?l=1398690682357.png http://www.sierrachart.com/image.php?l=1398690699504.png The Reversal of Friday's fall was found R at the important 46/47 level and has now turned down. It is now balanced in the short term between the ON R and the S from the DB made on the 25th. This Range is about 30 pts wide. Price is just above the mean of the Daily TC. It is not near any extreme. While the trend on the Daily is still down, the current LOLR is balanced.
Lost 10% of my simulated trading capital in one day. This will be the inaugural entry in my 'Tilt' folder.