May 2nd, 2017 Trading Journal
Larry got back to me regarding my question about the outside day with the up close.
My concern is whether this has a Bearish tendency.
His comment was that he does not see this as a Bearish signal.
He postulates that the market could take a pause here, but the major trend is still to the upside.
Here is a snap of the market showing the outside day.
An outside day is any day where the high and low exceed the previous days high and low.
Pre-market Simulation
Pretty much sideways with a downward bias coming out of yesterday afternoon.
Not much change around the European open at 2:30am.
It is now 8:15 am and still no significant activity in the market.
Still going sideways in a 3 point range.
Will stay in the Simulation today and watch the real trade in case I have to adjust the Target.
Coming into the open the 10,000 tick chart is giving us a solid buy signal and the 30 minute chart is leaning towards a short.
The 2,000 tick and 5 min are not giving me anything useful.
At 8:25 the 10,000 tick closed with a Naked Close Long Signal, this signal has an 88% probability of success.
So, I took 2 contracts long at 2387.50.
Set my 1st target at 2388.50 and my 2nd target at 2389.75.
Target 1 is 1 point. Target 2 is just below yesterdays high. We should expect some resistance there.
The 8:30 bar closed with a naked close long signal so I pushed my 1st target up another quarter.
1st target was taken out almost immediately.
After, a short jump on the open the market pulled back into the overnight range and the 10,000 tick chart gave us a sell signal.
Took 3 short at 2386.25. 1 to close out the open long and 2 to recover the losses and make a profit.
Target on both contracts set at 2385.25.
Blew through that target taking both out.
Next 10,000 tick chart gave another sell signal. Got short 1 at 2382.50.
Target set at 2381.50 which was hit with ease.
Flat again and up $138.00
The 9:00am 30 min bar closed with a sell signal. I was able to jump in a little quick on the 2,000 tick chart @2382.00. Set the target from the 30 min close at 2381.50.
We are nearing were we saw support yesterday.
No follow through on the short trade.
The 2,000 tick chart and the 5min started making higher highs and lows.
Flipped the short to a long on a 2,000 tick chart signal.
Took 3 contracts long @ 2384.75 one to cover the long and 2 to break even.
Target set at 2385.75.
Might have jumped the gun on that reversal.
The 10,000 tick chart closed without a supporting signal and it looks like we may have started going sideways here just above the support level.
I took a while but the market finally moved higher and took out the long trade getting back our loss on the last trade and a little extra.
Flat again and up $143.00
Looking for the next trade.
Long signal on the 10,000 tick chart. Took 1 long @ 2386.00. Target at 2387.00.
Target hit.
Flat again and up $190.00
30 min chart gives me a buy signal at 11:30. Long 1 @ 2386.75. Target at 2387.75.
Target hit.
Flat again and up $238.00
The market ran up to near the day high, tested the high found some resistance and started to pullback.
Got a sell signal on the 10,000 tick chart. Short 1 @ 2385.75. Target @ 2384.50.
Market moving down coming into the 13:00 30 min bar.
The bar closed with a sell signal, good supporting signal for the trade.
Target Hit.
Flat again and up $298.00.
2,000 tick and 5min charts both making lower highs and lows.
Market moving back into morning range and support level.
10,000 tick chart gives as sell signal. Short 1 @ 2384.75. Target @ 2383.50.
Target hit.
Flat again and $358.00 up.
Continuation trade on the 2,000 tick chart. Short signal off a rally.
Short 1 @ 2383.75. Target @ 2382.75.
Target Hit.
Flat again and up $406.00.
10,000 tick chart gives sell signal. Short 1 @ 2383.50. Target @2382.50.
We are now right at the support level that the market rallied off of earlier today.
Coming off support the 2,000 tick chart made a higher low then rallied into a long signal.
Reversed the short to long taking 3 contracts. 1 to cover the short and 2 to break even.
Net long 2 @ 2384.50. Target 2385.50.
Target Hit.
Flat again and up $447.00
The 10,000 tick chart gave us a buy signal. Long 1 @ 2385.75. Target @ 2386.75.
Target Hit
Flat again and up $496.00 for the day.
It is now 15:00 pm and the regular hours have just closed.
We will call it a wrap for the day.
Below is the equity chart, trade summary and a 10,000 tick chart of today's activities.
My concern is whether this has a Bearish tendency.
His comment was that he does not see this as a Bearish signal.
He postulates that the market could take a pause here, but the major trend is still to the upside.
Here is a snap of the market showing the outside day.
An outside day is any day where the high and low exceed the previous days high and low.
Pre-market Simulation
Pretty much sideways with a downward bias coming out of yesterday afternoon.
Not much change around the European open at 2:30am.
It is now 8:15 am and still no significant activity in the market.
Still going sideways in a 3 point range.
Will stay in the Simulation today and watch the real trade in case I have to adjust the Target.
Coming into the open the 10,000 tick chart is giving us a solid buy signal and the 30 minute chart is leaning towards a short.
The 2,000 tick and 5 min are not giving me anything useful.
At 8:25 the 10,000 tick closed with a Naked Close Long Signal, this signal has an 88% probability of success.
So, I took 2 contracts long at 2387.50.
Set my 1st target at 2388.50 and my 2nd target at 2389.75.
Target 1 is 1 point. Target 2 is just below yesterdays high. We should expect some resistance there.
The 8:30 bar closed with a naked close long signal so I pushed my 1st target up another quarter.
1st target was taken out almost immediately.
After, a short jump on the open the market pulled back into the overnight range and the 10,000 tick chart gave us a sell signal.
Took 3 short at 2386.25. 1 to close out the open long and 2 to recover the losses and make a profit.
Target on both contracts set at 2385.25.
Blew through that target taking both out.
Next 10,000 tick chart gave another sell signal. Got short 1 at 2382.50.
Target set at 2381.50 which was hit with ease.
Flat again and up $138.00
The 9:00am 30 min bar closed with a sell signal. I was able to jump in a little quick on the 2,000 tick chart @2382.00. Set the target from the 30 min close at 2381.50.
We are nearing were we saw support yesterday.
No follow through on the short trade.
The 2,000 tick chart and the 5min started making higher highs and lows.
Flipped the short to a long on a 2,000 tick chart signal.
Took 3 contracts long @ 2384.75 one to cover the long and 2 to break even.
Target set at 2385.75.
Might have jumped the gun on that reversal.
The 10,000 tick chart closed without a supporting signal and it looks like we may have started going sideways here just above the support level.
I took a while but the market finally moved higher and took out the long trade getting back our loss on the last trade and a little extra.
Flat again and up $143.00
Looking for the next trade.
Long signal on the 10,000 tick chart. Took 1 long @ 2386.00. Target at 2387.00.
Target hit.
Flat again and up $190.00
30 min chart gives me a buy signal at 11:30. Long 1 @ 2386.75. Target at 2387.75.
Target hit.
Flat again and up $238.00
The market ran up to near the day high, tested the high found some resistance and started to pullback.
Got a sell signal on the 10,000 tick chart. Short 1 @ 2385.75. Target @ 2384.50.
Market moving down coming into the 13:00 30 min bar.
The bar closed with a sell signal, good supporting signal for the trade.
Target Hit.
Flat again and up $298.00.
2,000 tick and 5min charts both making lower highs and lows.
Market moving back into morning range and support level.
10,000 tick chart gives as sell signal. Short 1 @ 2384.75. Target @ 2383.50.
Target hit.
Flat again and $358.00 up.
Continuation trade on the 2,000 tick chart. Short signal off a rally.
Short 1 @ 2383.75. Target @ 2382.75.
Target Hit.
Flat again and up $406.00.
10,000 tick chart gives sell signal. Short 1 @ 2383.50. Target @2382.50.
We are now right at the support level that the market rallied off of earlier today.
Coming off support the 2,000 tick chart made a higher low then rallied into a long signal.
Reversed the short to long taking 3 contracts. 1 to cover the short and 2 to break even.
Net long 2 @ 2384.50. Target 2385.50.
Target Hit.
Flat again and up $447.00
The 10,000 tick chart gave us a buy signal. Long 1 @ 2385.75. Target @ 2386.75.
Target Hit
Flat again and up $496.00 for the day.
It is now 15:00 pm and the regular hours have just closed.
We will call it a wrap for the day.
Below is the equity chart, trade summary and a 10,000 tick chart of today's activities.
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