Yesterday's TREND = UP
Yesterday's Power On Close = Weakness
Today's Open = Gap UP (points)
Result = Strong UP Trend GAP Seal, after early double bottom
Today's TREND = UP
Today's 15 Minute Close Bar = Down @ 13252
Today's Power On Close = Weakness
Daily Volume = 1.8M
Today's $TICK close = Down @ -93
Very Solid Day and almost an exact repeat of yesterday Gap Break, early reversal and strong up trend for the remainder. We had Blocks showing up in droves over the past few days at peaks and rushing the close.
15 minute uptrend after Gap is test early.
4500 strong uptrend showing Block Size stepping in.
What did i do well?
I was able to maintain good focus throughout the day catching a fair share of the bulk moves.
I was able to get Max profit on one trade and used the ATM to lock gains.
I got good entries today for most of my trades.
Forecast for the day was accurate I expected an early reversal and possible trend due to the Gap Up and overnight activity.
Mentally I was pretty clear for most the day, and i used the what-if technique for staying open minded and objective.
I held my concentration and spotted and acted on moves. The main one being a consolidation that set up as a short i realized i was on the wrong side and
exited at break even and reversed for a gain upon break out.
What did i do poorly?
Got off to bad start with some confusion as to when the early reversal would happen and i jumped the gun.
Trading against the trend early on, trying to be a hero and catch the reversal without any clear signals, this could be classified as impulsive.
Jumped on what appeared to be a perfect short that never really played out. In Strong up trends the shorts are not worth it after the 1st hour of the day.
I was moving my stop to break even after 4 ticks and not allowing the 2nd lot to max out. I did not make the adjustment soon enough.
How will this effect my progress?
My consistency will depend on how I well i can maintain my focus on the current market.
Trading against the Trend will destroy ALL my analysis and work.
Getting off to a bad start is like starting a football game down by 2 touchdowns!! i forces you to play from behind and adds pressure if you let it, it can lead to spirals and lack of confidence on subsequent moves. THIS WILL BE CORRECTED with my open ice breaker trade. to help me to focus on 1 thing early on.
What is my Solution?
Getting off to a bad start can be cured by having a very specific setup to look for in the first hour of trading, this will prevent me from forcing the first trades of the day. I never had this problem until recently, when i used the ice breaker style i never forced entries.
Trading against the trend is being corrected by using Trend Lines more often, this allows me to SEE the bigger picture better. "Trends Trump Cycles every time", quote by Barry Taylor.
Jumping on reversals will be limited as i will have only 2 potential times when they are likely to occur, see the 7 & 9.
Intangible Observations
In the first hour only look for trades in the direction of the Overnight trend !! see new Open Ice breaker article
To gauge immediate price strength you can look at how fast and far Price reacts to the $TICK, ( ie. when the tick move say 10 points how many tick does the ES price move?. Today i noted that at times the $TICK would sell off but the ES price would hardly move down, BUT when the $TICK move back up the ES price would shoot up a few ticks.
Strong trends can also be gauged by how $TICK stays above the o Line, you can read the $TICK and see that it will bounce fast away from the 0 Line when the trend is strong. When it finally breaks below look for a bounce pull back in the -500 to -700 range.
When weakness appears in Strong up trends you MUST be ULTRA patient, the market top will take a while to form and actually sell off, They cannot be trusted, its best to wait for a solid down trend and look for re-entries.
Very Solid Day and almost an exact repeat of yesterday Gap Break, early reversal and strong up trend for the remainder. We had Blocks showing up in droves over the past few days at peaks and rushing the close.
15 minute uptrend after Gap is test early.
4500 strong uptrend showing Block Size stepping in.
What did i do well?
I was able to maintain good focus throughout the day catching a fair share of the bulk moves.
I was able to get Max profit on one trade and used the ATM to lock gains.
I got good entries today for most of my trades.
Forecast for the day was accurate I expected an early reversal and possible trend due to the Gap Up and overnight activity.
Mentally I was pretty clear for most the day, and i used the what-if technique for staying open minded and objective.
I held my concentration and spotted and acted on moves. The main one being a consolidation that set up as a short i realized i was on the wrong side and
exited at break even and reversed for a gain upon break out.
What did i do poorly?
Got off to bad start with some confusion as to when the early reversal would happen and i jumped the gun.
Trading against the trend early on, trying to be a hero and catch the reversal without any clear signals, this could be classified as impulsive.
Jumped on what appeared to be a perfect short that never really played out. In Strong up trends the shorts are not worth it after the 1st hour of the day.
I was moving my stop to break even after 4 ticks and not allowing the 2nd lot to max out. I did not make the adjustment soon enough.
How will this effect my progress?
My consistency will depend on how I well i can maintain my focus on the current market.
Trading against the Trend will destroy ALL my analysis and work.
Getting off to a bad start is like starting a football game down by 2 touchdowns!! i forces you to play from behind and adds pressure if you let it, it can lead to spirals and lack of confidence on subsequent moves. THIS WILL BE CORRECTED with my open ice breaker trade. to help me to focus on 1 thing early on.
What is my Solution?
Getting off to a bad start can be cured by having a very specific setup to look for in the first hour of trading, this will prevent me from forcing the first trades of the day. I never had this problem until recently, when i used the ice breaker style i never forced entries.
Trading against the trend is being corrected by using Trend Lines more often, this allows me to SEE the bigger picture better. "Trends Trump Cycles every time", quote by Barry Taylor.
Jumping on reversals will be limited as i will have only 2 potential times when they are likely to occur, see the 7 & 9.
Intangible Observations
In the first hour only look for trades in the direction of the Overnight trend !! see new Open Ice breaker article
To gauge immediate price strength you can look at how fast and far Price reacts to the $TICK, ( ie. when the tick move say 10 points how many tick does the ES price move?. Today i noted that at times the $TICK would sell off but the ES price would hardly move down, BUT when the $TICK move back up the ES price would shoot up a few ticks.
Strong trends can also be gauged by how $TICK stays above the o Line, you can read the $TICK and see that it will bounce fast away from the 0 Line when the trend is strong. When it finally breaks below look for a bounce pull back in the -500 to -700 range.
When weakness appears in Strong up trends you MUST be ULTRA patient, the market top will take a while to form and actually sell off, They cannot be trusted, its best to wait for a solid down trend and look for re-entries.