Yesterday's 15 Minute Close Bar = UP @ 1318.75
Yesterday's TREND = UP Trend
Yesterday's Power On Close = Strength
Today's Open = Gap Down (18 points)
Result = Gap Down and Range Bound with major whipsaw.
Today's TREND = Down Trend then
Today's 15 Minute Close Bar =UP@ 1301.00
Today's Power On Close = Weakness
Daily Volume = 1.6M Below Average
Today's $TICK close = Down @ -376
Daily Market Bias = -0.929 MODERATE/STRONG Bear
Today was a VERY HIGH volitility and whipsaw, after an 18 pt gap we expected a tight Range day.
TRADE OF THE DAY
There were 2 trades of the day (before 7:30am) The 1st was the open Ice Breaker which test the low of the bar by bouncing back a few ticks then falling through the breakpoint. for a 3.5 point move before correcting. Notice the Failure at Previous Support that is NOW resistance. And the Open Bar has BLOCK Volume.
The next move of the day was the 500/1500 sync trade that tripple bounced on a 1500tick PB. A good entry would have moved 8-9 points.
Cycle trade of the day 500/1500 sync
WHAT I DID WRONG
Was Trade after the open ice breaker!!
The Ice breaker moved 3.5 points very fast. Mostly Everything after this was NOT JUSTIFIABLE!! As whipsaw insued for about an hour. There was one 500/1500 sync that was good for 8 points but The range and Volitility was beyond what i have seen since returning to the ES and i was too frazzled to see this clearly
Solution was to stay on the sideline. After an 18 point Gap down I expected a tight range drifter or horizontal range day which are both environments to Avoid.
INTANGIBLE OBSERVATIONS:
when the ice breaker hits the break it usually will bounce back a few ticks before fully breaking. So sometimes it may be best wait for the 2nd return to the break point and actual break before entering.
Stay in your own space. Dont let the market panic you into trading, just because it is moving fast dosent mean you have too. There will be more opportunities and whipsaw is NOT a good environment for winning trades.