[thalestrader]

Originally Posted by forrestang »

Will post charts of the NQ.

Hi Forrest,

Thank you for sharing with us. If I may ask a small favor of you, perhaps you could post each chart individually, rather than tiles on a one pane. As you have them here, it is a bit difficult for me to really focus on each individual chart.

Best Wishes,

Thales

[forrestang]

Originally Posted by thalestrader »

Hi Forrest,

Thank you for sharing with us. If I may ask a small favor of you, perhaps you could post each chart individually, rather than tiles on a one pane. As you have them here, it is a bit difficult for me to really focus on each individual chart.

Best Wishes,

Thales

No Problem.

I think the only chart that is needed for what I was trying to illustrate was the CVB chart which is attached by it's lonesome now. The other two were just captures of a 5min and 5tick breakout chart with no notations on them.

Here are the comments again for each scenario:

IF PRICE REMAINS INSIDE THE RANGE:
There will probably be opportunities to fade the range as price finds its value vascilating in between.

IF PRICE BREAKS ABOVE:
If price approaches that 1427 area, and breaks above, can expect move towards the next resistance area @ 1446.

IF PRICE BREAKS BELOW:
If price goes below, the short term support area is 1392 (which really isn't much room to move).

Below that is resistance of 1388, from the 27th of may. Below that is 1377 from the 25th of May.

Below even farther is 1341 found around that same time frame in May.

[forrestang]

THings changed as I was typping this. Rushing to get this chart in.

I saw resistance at about 1400.00, where price started to make HH and HL. Took the breakout anotated on the chart...... I AM NOT TRADING THIS.

But this is my right edge read.

As I was annotating chart, things picked up, stop not adjusted yet. But target is right in front of 1420.00

-------EDIT-------
Didn't want to clutter up the thread with another post. But here is the latest developement with a slightly better chart. Stop adjusted twice so far on two swing lows. Currently two points from target.

[forrestang]

Target hit.

Probably a crappy trade, only approx 10 NQ points which is barely a scalp.

Hopefully this will make more sense to me shortly.

[thalestrader]

Originally Posted by forrestang »

Target hit.

Probably a crappy trade, only approx 10 NQ points which is barely a scalp.

Hopefully this will make more sense to me shortly.

Looks like an excellent trade to me, Forrest. I do not know what size you trade, but, if you trade, say three lots, you might consider something like this:

Take Profit on 1 contract at first support/resistance.
Continue to trail stop on 2nd contract, with a take profit limit order at the next support/resistance.
Let 3rd contract run with a BE stop, MOC, or if price gives you an opportunty to stop and reverse.

Just suggestions, of course, and there is no right or wrong. I just thought I'd throw it out there.

I thought your posts and the trade well done. Thank you for sharing with us.

Best Wishes,

Thales

[forrestang]

Thanks for the encouragement Thales, I appreciate it!

I have an appointment in the early morning so I will miss the a.m. action. But here are muy comments and observations. Please point out any shortfalls or things I'm bringing up that may be off.

For NQ tommorrow:

We closed at 1441, AFTER reaching the 1446 level that was noticed yesterday.

The two purple arrows are the areas price will travel to reach the next level of S/R, potential profit targets.

So depending on where the open is, if we get a breakout opportunity, to either side of that green line, we would expect price to potentially reach 1466 to the upside or 1427 to the downside.

IF ABOVE THE 1446 AREA:
This seems to have more potential to move, as price has not established as much consolidation as the downside, and a move towards 1496 seems more likely to happen. Once a breakout occurs above 1466, a move to 1485 seems likely.

IF BELOW THE 1446 AREA:
Price should move towards Support at 1427. If a breakout occurs below 1427, expect price to vacilate within the consolidation area as price attempts to find it's fair value. As mentioned yesterday, fades of the extremes could be profitable?

[thalestrader]

Originally Posted by forrestang »

here are my comments and observations. Please point out any shortfalls or things I'm bringing up that may be off.

Forrest, you certainly lok as though you are on your way. Also, I highly recommend the posts from yesterday by cowseathay, atto, and DbPhoneix located in this post: http://www.traderslaboratory.com/for...y-5097-11.html

Best Wishes,

Thales

[Dinerotrader]

Looking for a breakout but trying to keep stop tight as market overall isn't trending heavily upward.



Update: Bought at 6.99 at ~9:08.... will post another chart as it progresses

Update 2 9:33: Here is where we stand. Sorry for all the lines. Just trying to visualize the channel as it progresses to see if it gives me any clues how it will trade.