S/R

Overnight NQ finally got around to visiting the 1515 level, then promptly left that area, back up to yesterdays closing range, ( 13 point move).
And currently holding in the upper part of the range. 5:15 am

 

That NQ support around 1515 was good support from 1/13 and 1/15 prior lows.

 

On the whole, FOMC days are not rife with opportunities. There are exceptions, but don't take big chances.

Edit: this hasn't been mentioned, though it is a new journal, and it is Sulong's, but last reaction highs and lows can be important S/R, and the LRHs (from yesterday) are pretty obvious this morning, so I'm bringing it up - 1147, 1530, 635.

 

Yes, this is what I'm getting at when I say yesterdays closing range.

I'll be getting out of here fairly early to day, so far don't look like I'll miss much.

 

Yes. If it's slow before lunch, it's not likely to pick up during (though, again, that's not 100%).

As for the LRH/LRL business, have you read Sperandeo? Or Rhea?

 

Yes, Sperandeo,

When it comes to drawing my closing range lines, as you said yesterday was pretty easy.

But on days where the price trends strongly in to the close, I take in to consideration a normal closing range ( 8-10 points)
and look for places to draw lines to encompass this much.

 

Here's my 15m regular session chart marked up and ready for 1/29. I also do the same on an all session chart and for 60m, 30m and 5m.

Adjusting during the day when necessary.

Would love to see some more of your charts too.

 

It turned out I didn't get much sleep last night, and also didn't get to study and up date my charts, so I'm working on them this morning.

First off, thats a pretty impressive LRB that started this whole collapse, slicing right through the 1515 area that I had as possible support,continuing to 1505, before price came back to test the underside of my now Resistance zone ( 14.5), 20 point move in what 6 minuets.
Price finely ran out of time and momentum at the low of 06/01.( Jan 6 )

Has any one noticed that we've now had 4 days in a row of expansion of the daily range in the NQ?
I did a quick check back to 09/09/03, and haven't seen this many expansion days in a row, back to that time.
I'm not sure it means anything or not, but it maybe a sign that we've turned the corner on range contraction.

Gotta get back to my charts and get set up, be back latter.

 

Indeed. And for quite a while before that, the number of days between range expansions was less and less (used to be three or four days of zip, then a range expansion; but the ratio of one to the other has been getting closer and closer to even).

It's also a good idea to keep track of the minimum daily range. Provides a helpful price target.

 

I was looking at this 80-84 area for an entry ( NQ ) as I've got it as possible S.
ES and YM seem to be holding above their yesterdays low.
So far my entry failed, so may be to soon to look for support.

We'll see