Funky Friday tight range early

Yesterday's TREND = Strong RANGE

Yesterday's Power On Close = WEAKNESS

Today's Open = Gap Up (2 points) 

Result = Continuation and True Range Day

Today's TREND = Continuation Early Reversal to Trend Day

Today's 15 Minute Close Bar =Up@ 1363.50

Today's Power On Close = STRENGTH

Daily Volume = 1.2 Below Average

Today's $TICK close = UP@ +378

Daily Market Bias =  +1 Moderate Bull

Today was the basic early reversal continuation from the previous Days Globex session. Volume was low on the day and we saw price rally at the close The Range was very narrow only 3.75 till the 7zone then expanded midday.

TRADE OF THE DAY

was only good for 2.25 pts as price sold off 5/All Sync Resistance from 1357 to 1355.25 where it formed a double bottom and trended up till mid-day.

What I could have Done better

was close out at the lows, my bias was bearish and i was testing the POC from the previous day, price came to 1 tick from my target on 2 occasions and reversed. There were multiple signs of changing trend and exit including Exhuastion on the 1500 tick and Rambo, but i held on only to be stopped out for Max. I allowed a winner to become a loser. This is rare in my trading BUT something that discusses me, especially on a slow Friday. 2pts is more than enough before 7, I called it quits early.

INTANGIBLE OBSERVATIONS

Using Volume Profile to spot hidden Support and Resistance Zones.
When looking at the market profile remember that the low volume areas are Support and Resistance also. Had i closed at this point i would have booked.

When in profit this early and price hits a double bottom a REVERSE trade is Ideal to lock profits and position for further gains.
Note the Low Volume Profile areas as S/R from previous Day, when price approaches these areas on current low volume, you can get an explosive response as there is NO interest in this price. This area will be rejected very fast as it represents a WHOLSALE price zone. This makes it difficult for public to catch the bottom. Also price will break thru these area on high volume wide spread bars to cross the creak where there is little interest basically manipulation.
See low volume areas on Daily Volume Profile. Daily Lows rejecting the prior days Low volume zones in up trend.

Now see price reaction on 2 minute chart to these same areas 4/29.

4/28 on 5 minute Open rejecting a low zone from the 4/27 area.

These area are great clues to Support/Resistance. Draw trend lines on chart to be aware of these areas prior to the open. Great for Globex Bounce trades and Ice Breaker S/R area and directional assistance.

Market Bias Spot On with Strong Range Day Respecting Globex POC

Yesterday's TREND = Ultra Strong Up Trend

Yesterday's Power On Close = WEAKNESS

Today's Open = Gap Dn (2 points) 

Result = Continuation and True Range Day

Today's TREND = Range Day

Today's 15 Minute Close Bar =DN@ 1355.25.00

Today's Power On Close = WEAKNESS

Daily Volume = 1.7 Below Average

Today's $TICK close = UP@ +

Daily Market Bias =  -0.857 Moderate Bear

Today was the quintessential Range Day that provided solid entry's in both directions for most of the day.  The Range was very narrow maxing at 5.75. It appears that the Up move may be slowing a bit.

TRADE OF THE DAY

the trade of the day came on the open Ice Breaker with Globex momentum bleeding into the open. Price made a feeble attempt to test the downside pressure stamping in the Range Low then immediately bounced up to the Globex POC area where the Range Hi was put in. An entry on the 13,500 break @ 1350.50 rallied to 1354 was the TOD before midday. 13,500 and 1500 tick charts.

INTANGIBLE OBSERVATIONS:

Be aware of the VWAP when entering a POC trade as well as any position, this gives me an idea as to how far away or close price and volume are in relation.

Globex POC proved to be very strong during morning hours.

Don Millers wholesale entries based on the Globex POC as well as the Daily Intra-Day POC looked very good also and is worth more research.

The Market Profile can be used to time EXITS as the Inevitable Targets seem to lineup with the POC of the Daily. These make great target for all entries and should be considered along with the VWAP. The concept makes sense as price will inevitably test areas that show high volume. In keeping with VSA rational I am looking for Professional Reactions in and around these areas to determine my directional bias.  

Check for cycles, pivots S/R  that may line up with POC of Previous Day, Globex, or intra-day. Can this be incorporated into the market Bias?

I Guess We are in an Up Trend ??

Yesterday's TREND = Ultra Strong Up Trend

Yesterday's Power On Close = WEAKNESS

Today's Open = Gap Up (5 points) 

Result = Early Sell off then Reversal  midday strong uptrend.

Today's TREND = Tight UP trend with early reversal

Today's 15 Minute Close Bar =UP@ 1352.00

Today's Power On Close = WEAKNESS

Daily Volume = 1.38 Below Average

Today's $TICK close = UP@ +798

Daily Market Bias =  -0.071 Strong Range 

Today was a gap up of 5 pts. Then a Sell off to test the Gap support, then accumulation prior to the FOMC statements. Price bounced as the FOMC rates increase was as expected. Aparentely the Up trend will continue with a afternoon rally to 1352.00

TRADE OF THE DAY

was the early sell off to test the Gap lows, the setup was a 5/15 sync and 4500 Resistance that moved from 1345.50 down to 1340.25 on the 7 Bar.

WHAT I COULD HAVE DONE BETTER

was hold my position to Max profit, this could have a been a one shot one kill day. I scratched and reversed on a poor trade that caused frustration as well for the same quick scratch reasons. 

SOLUTION

On early moves remember that the potential to reverse will usually happen AFTER the 7 bar zone! This was the Inevitable target for the 15 minute Pivot as well. (see limiting market exposure) Holding a solid setup to the 7bar or till we get 1500 tick exhaustion and probar will provide for a much smoother day with considerably less market exposure. This is true for early Gap test, reversal and seals.

INTANGIBLE OBSERVATION:

dWait for Volume Confirmation for Entry's and Exits.

Be aware of VWAP and Volume bars, POC's are prices with high volume. Entry's at or around these peaks could be slow, look for extremes away from VWAP.