Today i was able to find a rhythm again and employ a great indicator called Block Trade size to help improve my volume analysis. My work on Micro trends payed off as well.
We had an early morning sell off to test the wholesale lows of 1312 only to bounce and test the open and gap range for the day at 1318-1321.50. In all we had a good rang day with plenty of opportunities.
What Did I do Well?
- My Forecast for the day was accurate again after referencing my market prep routine.
- Was able to REACT to my Gap and Aftermarket Intel allowing me to prepare for a potential range day.
- Was able to Catch a great Ice Breaker Trade on the opening break down of Support @ 1317 area. **More on open ice breaker**
- Took advantage of MICRO TREND signal on the 2minute and 500 tick.
- However i was able to stay objective and switch my bias and reverse positions as needed.
- I executed good and had solid entry's in both directions.
What Did I do Poorly?
I missed a large move confirmed by a MICRO TREND break @ 1750, I hesitated and had to wait for a retest.
How will this affect my Account?
Missing moves will happen, BUT i need to stay poised and DON'T rush back into any ole move. That can lead to Over Trading.
Solutions:
Stay Focused and mark breakout areas of the micro trend and pull the trigger. Specialist will often jump thru these areas very fast to avoid public participation.
Intangible Jewels:
**Open Ice Breaker on Gap failure- Taking ice breaker around the Opening gap range combined with S/R has potential.
Was able to Catch a great Ice Breaker Trade on the opening break down of Support @ 1317 area.
This 2minute chart shows the GAP Test and failure
This 2minute chart shows the GAP Test and failure
How it looked on the 4500 Tick.
Support on the 1500 tick broken on Open Ice Breaker.
**Gaps at it again- check to see if opens are beyond the range of the close bar (never touched) If so what does this mean? Can we determine an actual point range at witch to determine a small or large gap. (maybe the bar length can be used to determine the type of day to expect).
More on Micro trends
**Failing Rambos in MICRO TREND 500 tick with Strength or Weakness in the Back. Noticing that rambos wont hold or need more time to play out when taken in isolation on 500 tick, the Key is to check the background of the current MICRO TREND sequence. see below
Rambos fail due to Background Strength
Rambos fail again until 2nd cycle. Needed more time
Rambo here in a consolidation Flag fails with Strength in background.
