The markets was so ERATIC that orders were being filled late and with Wipsaw, gaping prices etc.
These are GOOD reasons to limit trade on Fridays
What did i do well?
Good Morning prep work, I was able to properly forcast the potential direction and impending move. This is VERY Good for me as it provides me with a blueprint/plan of what i can expect throughtout the day (The key is Being Open & OBJECTIVE about this information and Keeping a sharp eye on PRICE.
Aside from that i was able to recognize and get a great entry on the short move at 1327.25 Based on the morning Prep work.
What i noticed was that volume was increasing around this area of support BUT THE SLIGHT TREND WAS DOWN (consistant with my morning Prep Analysis of a potential selloff based on yestardays Bearish Exhuastion on the 4500 tick and the pre open test of the old top from early this week.
THE CAMPAIGN FOR TODAY APEARS TO BE DOWN.
4500 Tick Notice the Mushroom top (Background Weakness), After Market Test of highs, Then the Pro Bars Pressing Support
Also Note the failed reversal attempt at 1324 then break of 1320 ( between 7:30 & 9:00)
1500 tick Notice the pro bars pressing down on support
This is how it looked on the 500 tick (notice the tightening prior to breakdown)
What did i do poorly: I executed very poorly and failed to let the positions play themselves out, BALKING once in the position which was a perfect entry, i re-entered but was only able to take out i bit more than a point.
This behavior will affect your account by: CAUSING you to put on more trades which will cost you in commission and confidence even when your analysis is playing out.
Solution: TRUST my analysis made prior Entering. This uncirtaintly should be avoided.
Interesting things to look into to more closely
**I noticed on the 500 tick chart that the cycles tightened up prior to reversing and widened prior to the price actually breaking above Resistance** Take a closer look at this**
widening cycles then breakdown
Break Down
Tightening cycle than widening
Intangable Jewels:
**Pay very close attention to where PRICE is ACTUALLY going, if you look closely you see where it begans to struggle and hesitate at and around Support/Resistance areas. RECOGNIZED THE CAMPAIGN FOR THAT MOMENT (ie. IS PRICE simplely NOT going in a particular direction for any length of time.
**The Later it gets in the Day (around 7:30 - 9:00 the more likely the TREN will remain in its current direction, there are typically only 2 potential trend moves in any given day.. BASIC TIME RESTRAINT.
If you see an attempt at a new trend. Make it proove itself by pulling back, testing and confirming by breaking
See this attempt (7:30) then failure at around 9:00
**Always Ask yourself is this position worth it? meaning is the target/reward worth using a trade on?
Campaign for Tommarrow?