Yesterdays 15 Minute Close = UP bar 1284.50
Today's Open = Gaped up 16 points to 1290.
Result = Very tight consolidated range for most of the day (3 point range).
Today I missed the first hour of trading doue to technical difficulties, my platform was down and i want getting any chart movement. I called tch support and we corrected it by restarting tradstation, and changing the symbol to ESM11 then back to @ES this seemed to bring the data back, we also deleted a msic. file and the cache folder.
The day was a gap up day above 8 points and saw a very tight range with only a few opportunities, I did miss what appeared to be the best opportunity of the day which was a very weak test of the gap area in the 2nd 15 minute bar. After this it moved in an uptrend for 4 points then consolidated for most of the day.
15 minute chart shows very tight range early uptrend with afternoon mushroom top formation.
What Did I do Well?
- Good forcast for the day, aftermarket analysis has been very accurate.
- Stayed very patient and was able to choose quality trades, even thought it was a red day I took small losses, breakevens and managed my positions really well.
- Stayed fairly focused as their were very few opportunities that played out.
- I did make adjustments to the very tight range by moving targets and stops to 4 and 6.
- Over all i feel really good about how i handled the entries, ATM and mental processes
What Did I do Poorly?
- I lost a bit focus while in a position (lady bug) and took a breakeven.
How Was My Mind Chatter?
- I was ok, just focusing on the what-if and and current analysis.
- I did think about a previous trade for a brief second, but I was able to move on, keeping the current market analysis as the focal point.
How will this affect my Progress?
Focus on the processes will keep me improving on a daily basis, if can keep the current market in the forefront of the mind and focus on mastering the processes of quality thinking and executing my rules then profits will continue to show up.
Solutions:
Solutions:
On consolidation days if we book 2+ points we can take the day off and focus on OBSERVATION for improved trading.
Intangible Jewels:
On wide gaps Days where we expect tight ranges, When the opening bar of the 4500 and 15 minute bars give a weak test of the gap area and the $TICK never reaches the 0 Line or bounces off the 0 Line, Then look for follow through in the gap direction.
This is the Open with the $TICK never touching the 0 Line then moving up. Great open ice breaker trade.
In analysing the 4500 overnight session, if we DONT see any better cycles S/R, then draw trend lines, and S/R channels, get price levels from the 13,500 and 15 minute and apply to 4500.
Many times the 500 tick will make a double bottom/top AFTER confirmation of sequences, so if the high frames check ok and all is well, Then wait for the 2nd cycle on the 500 to play out before entering and /or expecting the pop move.
On very tight ranges consider a Don Millers style of entering below market with limits..???