Yesterday's 15 Minute Close Bar = Down @ 1301
Yesterday's TREND = UP
Yesterday's Power On Close = Strength
Today's Open = No Gap (1.25 points)
Result = Continuation from Previous days close and Overnight Action.
Today's TREND = slightly UP / Doji
Today's 15 Minute Close Bar = UP @ 1302
Today's Power On Close = Weakness
Daily Volume = 1.27M
Today's $TICK close = Down @ -499
Today we saw early retest of Overnight Resistance, Then No demand on 6:45 bar then sell off on 7bar, 8:00 Peak low, 9bar test on End of Trend 15m, then resume of down trend with late day sell off. Im expecting some Overnight action to reveal why the late rush for the door after consolidated for most of the day.
15 minute chart of the day. ** shows 7&9 bar zone action, Red arrows 7&9 and 8:00 peak in yellow**
TRADE OF THE DAY
the trade of the day was the early 7bar positioning that play out very nice, at the opening the market reluctantly moved higher on decreasing volume and stalled at the overnight Resistance and previous days high, EOT on the 13,500 amongst other frames showing cycle resistance, this area was tested a number of timed over the past few session. Price did actually crack the high but was unable to keep support and finally broke down on the 7:00 bar. My thinking was if the specialist wanted to move prices higher they would have gapped through the resistance and tested for support Overnight. But we got a no gap open which usually leads to continuation. Also there was not much news, so volatility was low. The path of least resistance was Down. A good entry would have been 1314 level entering off the tick frames. Over the next hour we saw ES sell off down to 1309.25.
What i did Well?
Was forecast the day using my pre-prep routine.
Spotted and reacted to the 7bar move.
After poor execution on the 7bar my re-entry was good for Max profit.
Was very patient, and limited my trades
What i did poorly?
Execution was horrible as i balked and traded against my forecast. I think i lost trust in shorting this market and the 7bar setup was SOOO obvious I thought it was a trick. I have taken this trade a few times and been stopped out as price broke resistance and continued higher.
How does this effect my progress?
Balking can effect my progress by costing excess fees and damaging confidence in my forecast.
Execution must be tightened up as this is one of the 3 main components of my trading. F.E.M
Solutions
Trust my forecast and stick to the plan, i spend too of time after the session analyzing the potentials for the next day to throw it all away on a hunch.
Intangible Observations
Ice breaker on 13,500 tick - If it does NOT break on the 2nd bar after the open then move on, start probing for 7bar position, this is a sign of low volatility.
Ask what is the 9bars telling me about the day.
On range days 9bar may be a peak.
Look for No Demands/No supply bar around 7&9 bars.
the trade of the day was the early 7bar positioning that play out very nice, at the opening the market reluctantly moved higher on decreasing volume and stalled at the overnight Resistance and previous days high, EOT on the 13,500 amongst other frames showing cycle resistance, this area was tested a number of timed over the past few session. Price did actually crack the high but was unable to keep support and finally broke down on the 7:00 bar. My thinking was if the specialist wanted to move prices higher they would have gapped through the resistance and tested for support Overnight. But we got a no gap open which usually leads to continuation. Also there was not much news, so volatility was low. The path of least resistance was Down. A good entry would have been 1314 level entering off the tick frames. Over the next hour we saw ES sell off down to 1309.25.
What i did Well?
Was forecast the day using my pre-prep routine.
Spotted and reacted to the 7bar move.
After poor execution on the 7bar my re-entry was good for Max profit.
Was very patient, and limited my trades
What i did poorly?
Execution was horrible as i balked and traded against my forecast. I think i lost trust in shorting this market and the 7bar setup was SOOO obvious I thought it was a trick. I have taken this trade a few times and been stopped out as price broke resistance and continued higher.
How does this effect my progress?
Balking can effect my progress by costing excess fees and damaging confidence in my forecast.
Execution must be tightened up as this is one of the 3 main components of my trading. F.E.M
Solutions
Trust my forecast and stick to the plan, i spend too of time after the session analyzing the potentials for the next day to throw it all away on a hunch.
Intangible Observations
Ice breaker on 13,500 tick - If it does NOT break on the 2nd bar after the open then move on, start probing for 7bar position, this is a sign of low volatility.
Ask what is the 9bars telling me about the day.
On range days 9bar may be a peak.
Look for No Demands/No supply bar around 7&9 bars.