SLAyers' Notes

This is a discussion on SLAyers' Notes within the Trading Journals forums, part of the Reception category; NQ Daily: New DL. Gringo...

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Old Jun 7, 2016, 12:57pm   #781
 
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NQ Daily: New DL.

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Old Jun 7, 2016, 3:41pm   #782
 
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Supply seems to be stronger than demand above the 4535 area. Those who trade the daily would be using daily bar intervals but those who can shift to smaller bar intervals like myself are also looking at the hourly. The hourly DL has been breached.

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Old Jun 7, 2016, 3:55pm   #783
 
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dbphoenix started this thread Note, however, that price bounced off Friday's median almost to the tick. This stuff is not accidental.
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Old Jun 7, 2016, 4:09pm   #784
 
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Originally Posted by dbphoenix View Post
Note, however, that price bounced off Friday's median almost to the tick. This stuff is not accidental.
It can't be denied that demand showed up when it mattered. We have been in that small TR for a few days.
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Old Jun 7, 2016, 5:18pm   #785
 
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We have been in that small TR for a few days.
Remember that the longer timeframe -- the weekly in the case of the SLA -- always holds the cards. Price broke the DL last Thursday but bounced nicely off the weekly median, which it tested again on Friday (which is why, for all those who ask, one should trade within the weekly, even if trading a tick chart). And this morning it made a higher high generating a new DL fanned under Friday's low. Whether or not this will be broken before the end of the day remains to be seen.
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