Wolfhound

09:26 We have travelled out of yesterday's range during the early morning trading. From where we are now, I will watch the reaction at the previous day's low and the overnight low We have various levels below the ON low, and in particular there is a high from 28th of November at 4342. This would take us back into the weekly range that can be seen on the weekly chart. 09:37 After moving around below the opening point we are now testing the ON lows. 09:45 Through the lows with a lot of effort. We have another low around 64. 10:03 Congestion for now. Working through previous levels will take time. 10:11 Breakout attempt from the range. 10:16 I have some form of swing low at 48, don't know how valid it is. 10:51 We got a reaction at the November high. Interesting how these old levels that I used to disregard, can often have an effect on price movement. Next step is to profit from that knowledge 1 Min chart added.

09:06 Added the 10 Min chart with levels for this morning. The Non-farm payrolls have messed up the nice clean overnight range as usual. On days like these where we have an open before the open, it really expands the overnight high/low to reach closer to the previous day's high/low. We will see which levels are important after the open. 09:38 Opened with a series of overlapping bars, and now down to the overnight low. 09:46 We had a higher low, but can we make a higher high? 09:50 There is a downward trend line from 8:33 on the 1 Min, and we don't seem to be able to break it. 09:53 Break through of overnight low, and retracement above the PDL. I used to go short at these points, and feel sorry afterwards. 09:56 Well, we just shot up from the lows. I guess there is some news in one of the stocks. 10:00 Retracement with breakout. I don't like these retracements after 20 point jumps. How much power has gone from the move by then? 10:15 A range around the overnight midpoint 10:39 I was smelling a break upwards just there, but no, it didn't happen. Still in the range. 10:58 Out of the range and at the overnight lows again. We may finally get a direction. 11:06 Reached the PD Low fairly quickly there. Will it hold? 11:09 Wednesday's low is at 19. 11:30 We got there. What next? I seem to have marked an old range mid at 12, and then there is 400 of course. 11:34 I need to go for now. I'll update later with my review of the day and week.

09:10 Attached the pre-market chart. We have moved above the previous day's high and retraced, but have stayed above it for now. I have included previous day's highs for my own reference. These may hold no importance if the market reaches them. 09:41 At the moment we have opened and rejected a pre-open high and gone down through the previous day's high. Back within the opening range, and still no direction decided. 09:44 Currently in a hinge. 0951 We got a double bottom at 49 and now we have travelled up quickly to the overnight high. 10:02 We didn't get past the overnight high and now we are back to the opening price again. We have a retracement also. 10:09 The turning point at 10:02 was at 50% of the rise. On the 5 Min chart this looks like a simple retracement entry. Difficult to say the direction at that point from the 1 Min chart. 10:22 We made it to last Thursday's high before turning down again. Broke our demand line and retraced. 10:33 Higher low, and lower high. 10:49 We have stayed above the overnight high, but most of the the movement today was from the double bottom at 49. 10:52 Are we double topping now? 11:00 Retracement after breaking through the overnight high. 11:07 Completed the move to the PDH, and quickly onwards to the opening lows. 11:11 Broke the opening lows and retraced from below. Breaking downwards again. ON Low at 40. 11:18 Didn't make the overnight low. Made a higher low and a rise back to the opening lows instead. 11:26 Through the opening lows at 49, next is the PDH at 52 11:33 Okay, we are at the PDH. I'm going to buy some food. I'll be back later to see if we hit the PDL, or just settle down for the afternoon. Added the chart for the morning's action

09:05 Areas of interest added for today in 10 Min chart. 09:32 After a double top just before the open we have passed through the ON low. 09:35 PDL is at 32 along with a lot of old resistance from last week. 09:39 Reached the PDL, and moving on down. Swing low at 27. 09:40 That swing low would be the low of the whole of last week. We'll see if it can hold out for long. 09:43 Touched the low. If we go through then we are out of resistance area. 09:49 Held up at 27, but couldn't reach previous swing high at 31. 09:55 Retraced to swing low from below. 09:59 Now back to the low this time from above. we have broken our supply line so we could go up, or we could be in congestion around the previous lows. 10:10 The range has to end sometime, and we cannot get above the previous day's low. 10:20 We had a failed breakout below the range at 10:14, and now we are back in the range. I guess we may try for the highs again. 10:35 Eventually reaching the previous days low. Waiting for a direction now. 10:37 This area around 33 is essentially 50% of the high to the low since the open. 10:44 Retracement after breakout. 10:53 We clearly didn't move upwards after the break above the PDL. We are testing a demand line while moving back into our range. 11:09 We have moved up nearly 20 points since the low of 19, but the action has been very choppy. Overnight low is nearby now at 41.5 11:45 Once through the overnight low, the swing high before the open was predictable. I can see the levels more clearly now with constant repetition, and the help of other people's marked charts. Hopefully this exercise will lead me to be more patient with exits until targets are hit. Obviously there are not simple 1 Min retracement entries at every level, so I will have to go over many days charts to see what entries are possible with acceptable stop losses. We eventually made it to the previous day's 50% level and moved into a range. I have attached the chart for the morning.

09:35 Late starting. We opened down, and then turned back up at Friday's high, and a demand line on the hourly from Friday afternoon. 09:40 Back to the ON Low again. 09:43 Swing low to watch at 59 09:48 Higher low 09:49 Now we couldn't make it past the previous high. We may be in range or chop. 09:50 Wow, breaking down as I was typing. Below the swing low now. Next low at 47. 09:52 Retracement in downward trend. 09:55 We are around the mid point (53) of a 10 min hinge from yesterday early morning. 09:57 We have been held up for now. An attempt to get lower failed. Back to a swing low from yesterday again. 09:59 Supply line from opening highs being tested as we go higher. 10:02 Higher low and higher high 10:05 Retracement and breakout. 10:08 At Fridays high, the 50% level of our fall, and previous congestion on the way down. 10:14 Touching demand line. 10:21 Sitting watching, waiting for something to happen. 10:25 Breaking downwards again, and through 53. 10:29 Retraced and no further downward movement yet. 10:33 Hard to get a clean breakout with retracement today. 10:37 Moving down again after what a double retracement. Will possibly get to 46, but it will not be in a straight line today. 11:12 Finally reached the previous day's lows at 46. Its good to have targets, and to watch how price gets there, but turning that into a plan will be more difficult. 11:48 We are coming closer to all those lows from last week. Lets see if we get into a fight. 11:50 Will that double bottom hold for now? Gotta go do some stuff. Back later. Added the chart. Time is shifted 1 hour behind ET on the chart.

09:00 I have attached the chart before the open. The overnight high is at the high of Wedensday, and the ON 50% is at the high of Tuesday. We have been making higher highs everyday this week, but it is slow going. There is a lot of down movement and ranging during the days. Friday might be a trend for a change. 09:36 We have made it to a point above the overnight high, and holding for the moment. 09:43 We struggled to get anywhere above the OH high, even with the PD High so close, so now we are making a move below. Looks like a gap on my chart. What was that jump about? 09:46 I will now jinx this and say we have a trend. Holding below the ON lows. 09:51 Okay, trend killed in one easy comment. From what I can guess about buyers and seller motivation this morning, the people who bought above the ON Highs were frightened when it fell back below the lows, and then there was no one to take their contracts off them. Finally after a fast drop with little interest in holding the price, someone has stepped in, thinking that the contracts are going cheap below 50. Does that mean that they are buying in hope or expectation of a proper move upwards? 10:01 Back to the ON high. Should make the PD High this time. We had a 5 point move below the ON Low, so we are due at least 5 above the ON High. 10:11 I'm the king of predictions . Did I say 5 points, I meant 5 ticks. 10:15 Well, we opened at the highs and have failed twice to get above them, this time with a lower high, and the price has flown to the lows again after a brief range. 10:21 We are still trapped by the overnight range. Maybe we haven't actually woken up yet. There is still enough room to profit between the levels if you can get in, but it is going nowhere again. The up moves are a lot slower than the down moves. It looks like no one really wants to spend any money today. Waiting for someone else to start the trend. 10:49 The action is getting very tight now. No downward movement, just hanging around the highs waiting..... 10:56 Sellers started to offer lower prices to get anyone to bite. A now we got a few interested buyers to take it up a point or so. Will it start a stampede of bigger fools, or just stay here?

09:25 ET Chart attached with a few lines that I will look for in the morning. It looks a bit messy, but I am including 50% levels until I get the hang of what lines work best for myself. 09:40 Rejected the overnight low and then back up to the overnight high of course. I'd guess if I ever get good at trading, it will seem like the movie Groundhog Day. 09:46 Interesting. The overnight high today, matches the one yesterday, and is also at the extremes of some ranges during yesterday morning. The resistance to 50 is obviously strong this morning. 10:00 The price fell from 50, but stalled around 50% of the upmove at 09:50, so I guessed that it might make another move to the highs. It didn't get anywhere near the highs this time, and fell quickly to the overnight low again, and straight through. Previous day's low is at 29. 10:14 Not exactly shooting back up. Just moving slowly over to the downward trend line. Its getting a bit like a range. 10:20 Reached 50% of the down move and have a retracement 10:39 That retracement turned into a slightly upward channel and then broke to the overnight high. So do we make a move up to 5 points above the high to 54, like with did 5 points below the low earlier? 10:44 It should be 4 points actually. Which would be 53. 10:49 53 stopped us for now. But for how long? Surely we have to go somewhere today? Not necessarily. One can't trade yesterday's chart. Each day presents its own opportunities. One day might be gangbusters and the next a big snore. 10:54 We retraced to the overnight high, which I like, but we have already moved up 20 points and its nearly 11am. Will the traders coffee break stop the advance? 10:55 Touched upward trend line from 10:14 11:04 Looks like a hinge, and a failed breakout. We might range for a while. 11:12 Or maybe not. Up at Tuesday's high of 56 now. 11:20 Through 56, and a retracement. Not far to the previous day's high at 61. Hardly worth giving up now. 11:26 Demand line broken with retracement to 56, and breakout below. 11:30 The hinge that I think is there, has a mean above 50 11:53 Gone a bit quiet now, but it was interesting to watch the price go equal distances from the mean earlier. It happens quite often at exact levels, and it still makes me wonder at the traders behaviour. 12:03 Through 56 again after another failure at today's high. 12:13 I'm going to get something to eat. I may come back to see the afternoons action. I never got back to the market, but I added my chart for the day. The time zone is off by an hour, and I can't figure out how to change it, so 9:00 on the chart is actually 10:00 ET

I attached my 10 Min chart with lines that I will watch for this mornings open. Attached chart of this mornings action:- We moved from the overnight low to above the previous days high during the morning through a series of higher ranges. With no direct trend, it would be difficult for a 1 Min trader to enter and stay in a long unless he took an entry on a reversal at the opening lows. Later in the afternoon we did get a good fast downward trend, if anyone could wait that long and still be ready to jump on the opportunity.

Morning Chart. Lots of lines to observe. Edit in afternoon with 1 Min chart added: Watching this today, it seemed that we hit a lot of levels quite cleanly, and moved from the previous day's low right up to the highs. Entering at the right risk level, and holding to the opposite end of the range is another matter, but it was quite a clean day for AMT. A. After the open we made it down to the swing low from yesterday afternoon, before turning up. I had thought that this area would be unimportant, given the previous day's low just below it. B. Back to the overnight low, and it seemed ready to breakout, but it never happened. C. We flew through the previous day's low, and then turned around and rejected it straight away. D. Higher low at the previous low point, and we make it back to the overnight low. E. With the up and down motion, it looks a lot like a range has formed. We don't quite hit the lows this time, and travel back to the previous highs. F. I would call this a break above the ON high, but it falls back into a range above the ON high. G. We reach the previous day's high. Well done NQ

Hi Toos, my name on ET is BonScott. Wolfhound was already taken. The thread is in the journal section.

Since it has gone a bit quiet here over the past month, I will continue posting in the journal at ET, and stop double posting here. Bye for now.

We dropped to the next level yesterday and overnight. We came to a halt around the Tuesday highs, but if these do not hold then we have large drops between potential support areas. I am taking today off, so I won't be watching the live prices today. Good luck to everyone who is trading. I'll be back later.

Today was okay. The first short would have stopped out with a tight stop, and this type of behaviour is one of the reasons that I am not yet comfortable with going live. In the morning before the market had opened, I actually wrote in my notepad a list of 5 things to research over the weekend, directly related to this type of stop/exit. Thats for the weekend, now for today. 1. Short after retracement. We had failed to reach the highs on the open, and while we may only get to the lows at 71, it is worth a shot. After a short fall it pulls back up to below 50% of the fall, but not breaking the swing high. This type of movement is a killer for tight stops. The next retraement breaks the supply line, so I can sometimes be caught between a long, or a short because of the rejection of the 50%. Ultimately we fall all the way to the potential support, that we noticed before the open at 71. 2. The higher low at the 71 area, along with what looked like the breaking of a steeper supply line, led me to put a long on here. It didn't get far, and in reality the breaking of the fall is a wandering messy affair, and not a nice quick turn around. A lot of trading to get through around this area. I will wait and see which way it goes after everyone has finished at this price. 3. We were in a range for a while at a point where we anticipated possible resistance. So when it broke above the range I marked a long on the retracement. It made a modest rise.

The zombie traders were out again last night to move us up close to 4000. As the sunlight fills the day, they have retreated back to the shadows, and we are currently sitting at the mid 80's. Its left to the morning traders to finish the job and make the headlines. If we turn down, there seems to be support around 971, which was hit several times yesterday, so any move below that could give us the possibility of a short, but with 15 or so points between here and 71, we would hope to get into a short much earlier. I will try to follow the rules today, and see things as they happen. One trade at a time, and no bias.

We had a good rise today. Not quite to 4000, but the day is long. I need to review all of this at the weekend. Sometimes I feel that I am getting away from the rules of this, and sometimes I feel 99% in tune. Anyway, here is the review of what I saw today. 1. We opened with a straight breakout beyond the highs. After a double top, we moved back to the opening lows. We broke down to yesterday morning's high, and retraced for a short. This failed with a double bottom, and reversal. 2. First retracement after the line break. The long makes it back to the highs. 3. This is a demand line break off a high, with a nice neat retracement. These are the kind that I like, and feel comfortable taking. Just gotta improve on the rest now. 4. Missed a long here on the treble bottom. I was still thinking about the short that didn't go anywhere. There is a further opportuniy for a long in the next retracement above this.Need to stay awake to get the better entries, instead of later retracements. 5. We have a short here as we get close to 11am. The day has been up since 15 minutes after the open, so it may go nowhere. Was expecting the mornings rise to continue to 4000, but I guess traders need a coffee break. So do I.

We are continuing our uptrend, which has been running since the middle of April on the daily chart. Our slow march to 4000 also continues. We currently have a high of 968. Just a small hop from here, a few extras bulls in the morning, and we'll make it. After making new highs yesterday, we eventually retreated to the opening price when things settled down after the close. Speaking of the close, it looks like somebody thinks that trading after the close is a good place to make some money. We had some more big moves overnight, including a breakout to new highs. The overnight range is again bigger than the daytime range. Above here, 68 is an obvious point to look for reactions in the morning, given that we are so close to it. Below we have congestion from yesterday around the mid 50's.

I didn't do much right today. Buy high, sell low mostly. Hope to improve on Wedensday. 1. After the open we tested the highs with a lot of overlapping bars. We then moved down to the opening lows. After making a double bottom with the opening lows we have a retracement for a long. Not my favorite place to enter. We are coming back into the opening range, and close to the mean. It moved up for a while, but the breakout of the range stalled at 53, and we returned to the opening range. 2. After breaking the demand line we retraced to 50% of the rise, and turned up. This is a point for a long, but in real time I was waiting to see if we were going to break the highs. 3. Long on the first retracement after the breakout. Going nowhere. 4. Having missed a good short yesterday by sticking to a wider demand line, I put a short on the retracement after the double top. This actually looks like doing neither one thing or the other. I need a break. 5. There is potential for a long here, with the supply line break and retracement, although we are quite near the highs. I definitely wasn't thinking short. 6. Around this area is where I am often in 2 minds. We have a retreacement for a short, which doesn't work, then a possible long. Still not sure with this kind of action.

I feel that it stems from a lack of rules. I need to be consistant in where I take the trades, but sometimes it is difficult. I am getting caught in 2 minds at times. That shows that I don't have it worked out properly. On the good days I think that I lnow what I'm doing, and on the bad ones I feel out of sync with the market.

1. Looking on the 15 second chart I could have entered a short somewhere above 21, and before we reached the overnight low. I guess this would be a right tick retracement. Instead I waited for a breakout below the overnight low, which never happened. 2. This is a long back into the range after a line break. I had no high hopes of this one when we reached the and turned down again, but it went up to close to the highs before stopping. Not a good trade really. Should be looking for trades on the exit of the range, rather than inside it. 3. I have drawn the demand line, but did not take a short. I understand that there is a steeper demand line which is broken earlier with retracement, but I didn't take that. 4. Here I have a short on the exit from the range after a retracement, but maybe I should have had a long a few bars earlier. I guess this one is a bias for short, which should not come before the rules. 5. Could have taken a short around here. In my head we were starting to move into a tight range. Not a good one. 6. Line break with retracement. Went nowhere.

Long term we are still on an uptrend, and have made several new highs over the last few weeks. Currently we are near those highs again, so we will watch for the reaction of price to that point if we get there. From Thursday night through Friday early morning to the close, we retraced all of the fall that we had made, and moved from a low of 854 to come close to the highs at 941. 50% of the rise is at 895, which is approx the mean of Friday mornings action. Our overnight high is at 936, and we had a low at 921 which is been tested as I write this. If this low fails we have a certain amount of lows and congestion areas, but the main low is at 854, a long way off. Obviously if we break above the highs we have a potential resistance point at 941.

I found it difficult today. We had a hinge for quite a while, before it looked like breaking out, then just meandered into a day spent around the mean. On these days when nothing happens for a long time I can miss the trends by not expecting things to happen. 1. Here I was thinking that we must exit the hinge at some point. The failure upwards led me to try a short which went nowhere. Not the best trade in the world, and sometimes I feel that when I have waited a while, I need to put a trade on the board. Maybe there are some days where my journal should show no trades. 2. The supply line is broken with a higher low than 30 minutes earlier. The long is not the breakout point, and it just stays well within the current range. 3. There is a line break with retracement here, but at this stage I figured that I was not calling things right today, so I did not take it.

Another day with large movement yesterday, and again after hours. I had given up watching before the real action happened. Overall we had a high of 927, down to a low of 854, and we are currently back at the mean point of 891. Our longer term trend is upwards, but we have fallen below the mean of the channel, and may be heading towards the bottom. The short term trend is upwards overnight, and the line is unbroken for most of the night and morning. I often get fooled by an overnight rise such as this, leading me to think we will have a positive day. However, usually these predictions are wildly wrong, so I will wait and see what the market does, and try follow it as best I can.

Today was okay. We didn't move far in the morning, but there are a few entries that work. Its always an unknown which will work when the trades are triggered. 1. First retracement on move up from open. This long made a few points. 2. If the first one was missed there is now a second retracement for a long. This failed quickly. 3. Demand line break with retracement for a short. This one also failed. It only made it down to the 50% point since the open, before turning up and stopping out. 4. A nice neat supply line, with a break and retracement for a long. I like this one, because a stop below the recent swing low is only a few points away. It looks like we have a morning where the price is going nowhere for now. We are currently revolving around our overnight high of 21, waiting for something to happen. Eventually we have a break down while I am typing up this and thinking that nothing is happening.