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Trade for 7/30/09

That One Guy — Thu, 30 Jul 2009 15:21:51 GMT

Waited around, after missing the overnight pull back. As stated trend never really broke from higher high/higher low pattern. I saw and tried to get involved in this....

I waited around as saw a new balance area forming. Once there was a breakout, I waited for a pull back......

:crap:

Once I was in the long, the trade never really felt right, as we just sat at 29.(no rejection off, indicating a presence of buyers) Once we broke to mean then held at my entry, I considered closing the trade for a wash, but I froze up and did nothing.

Oh well, better trades down the road, currently market is back inside this upper rotation and acceptance seems to be in play.

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Big time frame

That One Guy — Thu, 30 Jul 2009 15:03:15 GMT

Curious to where the current price action is, I pulled up an old contract and found this.

This range was built up from 9/22 to 9/29 in 2008. After that range broke down, we saw a nice break down in the markets. Interesting for me to see it all line up.

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Outlook 7/30

That One Guy — Thu, 30 Jul 2009 12:56:44 GMT

A breakout of the multiple days of overlapping value.

There was even a pull back overnight. Which leaves me out to dry. Coming into more territory we haven't seen since 2008 and the next obvious area up, is around 1700. All one can do is simply follow the trend via higher highs and higher lows.

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Video 7/29

That One Guy — Wed, 29 Jul 2009 17:56:40 GMT

Here is a video of what I am currently seeing.

YouTube - nq4

Mid Day update 7/29/09

That One Guy — Wed, 29 Jul 2009 16:02:50 GMT

Market seems to be forming new balance between the two areas outlined before open.

When you zoom out some, we see the rotation is taking place around the mean.

Best to pick my extremes to trade, or sit on my hands, which is a practice I am good at.

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Trades for 7/29

That One Guy — Wed, 29 Jul 2009 14:12:30 GMT

Well after the market opened, I waited for some clear direction before blindly entering. Nq traded down to the mid point of the lower balance range I outlined before open. Just like before buyers took control here and we saw an imbalance back up. I waited for a pull back to get long and did just that. At 1592.25 with a stop 1590.75. I was stopped out quickly for a 1.5 point hit.

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Outlook 7/29

That One Guy — Wed, 29 Jul 2009 13:12:48 GMT

Another rejection at the 1600 area. I zoom in and see we are basically within yesterdays balance area.

I am also taking note about the range sitting in the upper half of this recent imbalance higher.

Currently we have multiple sets of lower highs at the top of the bigger picture range. However, looks like we built a range from 1596 to 1604, which failed and sent us to the lower rotation before we made higher highs and probed 1600 region again.

Looking at that picture you see two ranges. After the upper range failed (which was the top of the bigger picture range) we pushed to the mid point of the lower range and held. After the lower mid point held, we pushed back to the mid point of the upper range. I think my trading will be limited, until a break of one of these ranges occurs and I get a pull back to play. I could also wait for a test of the lower extreme of yesterday.

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Video

That One Guy — Tue, 28 Jul 2009 20:20:20 GMT

YouTube - nq3

A video of what I am seeing. Just a test of an idea because I am too lazy to type and upload pictures everyday.

One more trade

That One Guy — Tue, 28 Jul 2009 14:42:51 GMT

Going to try one more trade here, the pull back into the 90-93 zone, which was rotation off the open. It resulted in a push up and failure at 1600 area. After it has failed after the 1600 failure, seems only proper to try a short. However, I have to keep in mind, the stopping point near the lower extreme of yesterdays trading. Currently short 1591.75 stop at 93.75 Tgt looking for a break down to the bigger time frame area of 1575.

Update

Owned yet again and I am done trading.
Three trades all loser for a total of $129 with commissions. Stay tuned folks more where that came from

Trade

That One Guy — Tue, 28 Jul 2009 14:32:52 GMT

Broke 1590 pushed down to the lower short term extreme from yesterday, tried to short around 1590. Took another hit for 1.5 points. This journal will definitely outline the consistency in my losing

Tried a short

That One Guy — Tue, 28 Jul 2009 14:07:46 GMT

As stated earlier, I zoomed in to find some short term areas to play. I saw rotation from 1597-1600, so I waited for a pull back and a trigger to short. However, stopped out on news shakeout for 2.5 points. Oh well, I would be looking to BE now at this 1590 area, but the lower high at 1600 area makes me question bulls. Past 1590 full rotation down to 1575 possible in play

First off....

That One Guy — Tue, 28 Jul 2009 13:00:00 GMT

Here is what I see on the bigger time frame (NQ).

This area is like an upside objective. Bulls longing before/after the breakout, would have easily seen this. Knowing all that, the current balance area shouldn't come to a surprise.

Based on the above, the idea seems to play the extremes, or zoom in to find small areas to trade.

This is rotation seen on Sunday. It took us above Thursdays highs, which were accepted for only a short period of time. Since then, we have seen the market push to the lower balance area.

At the moment we are trapped between the areas from Thursday and Sunday, while at the same time starting to rotate sideways on the bigger time frame.

As far as trading all this, we had a test of Sunday's mean and a so far a failure. We then pushed down to the top of Thursdays value, where one could look to take a long. Targets seem like they need to be small based on the bigger time frame balance. The fact NQ failed at Sundays mean area after a higher low, doesn't seem good for the bulls. However, on the short term the pattern of higher high and higher lows off 1578 still stands.

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Starting the blog

That One Guy — Mon, 27 Jul 2009 17:43:35 GMT

Some of the traders in the chat, suggest I start a journal. This will be an attempt at that.
Currently my style of trading revolves around area of balance in the market. When markets are in balance, I look to play the extremes and when out of balance I look to play the pull backs to the previous balance. In this blog/journal, I will try to outline the balance areas and trades ideas around them.