Yesterday's 15 Minute Close Bar = Down @ 1321.75
Yesterday's TREND = Range
9:00/Reversal = Range
9:00/Reversal = Range
Yesterday's Power On Close = Weakness
Today's Open = Large Gap UP (8.25 points)
Result = Gap UP then test of the gap area and reversal.
Today's TREND = Range
Today's TREND = Range
Today's 15 Minute Close Bar =UP@ 1327.50.00
Today's Power On Close = Strength
Daily Volume = 1.65M low
Today's $TICK close = UP@ 801
The 3rd tight range day with doji's and high waves showing up the Daily's indicate a potential Break out of consolidation in the coming days. Ironically it was April 1st and the market may have fooled some traders as it failed to close up. It appeared that we were headed for a breakout day early on but we have seen many times this week, price stalled at the 8:30 highs and drifted off to the downside with a hard close. This appears to be a classic Distribution top as Demand is being met and absorbed by the specialist. I we could not rally on the close to provide some optimism on April 1st, the path of least resistance may be South.
1333.50 Key Resistance
1319- 1324.00 Key Support
Daily spinning tops indicating a slowing period as ES gapped up 8.25 points.
15 minute
Daily spinning tops indicating a slowing period as ES gapped up 8.25 points.
TRADE OF THE DAY
The trade of the day was the Gap test and reversal that reversal that may caught many a trader off guard as there were very subtle indication that the morning trend would actually play out.
Although the range was fairly narrow this was still a solid 5 point move.
Where were the Clues?
We got one entry signal on the 1500 tick as a PB in trend, Exhaustion at a previous support. on the 500 tick it showed as an overshoot.
Although the range was fairly narrow this was still a solid 5 point move.
Where were the Clues?
We got one entry signal on the 1500 tick as a PB in trend, Exhaustion at a previous support. on the 500 tick it showed as an overshoot.
13,500 & 1500 reversal at previous days/Overnight Resistance and NOW support confirmation. Notice that this Resistance was broken overnight and came back in the morning to retest the NEW support..
15 minute support bounce in gap area
***In these cases dont wait for cycles on lowers etc. (they have already shown their hand). And when this happens in a Gap window it is a go!! Then check lowers and internals for further confirmation. Also if your not sure, go 1 lot and add more upon confirmation.
1 minute Clues show Exhaustion and test in rising market
What I did well?
had a very solid score card for the day, I was able to stay focused and remain patient. I very pleased with my ability to stay with the trade and manage whether or not to take profits or allow for further gains. A big reason for this was my ability to monitor the Internals.
My entries were not the greatest but were good, adding to the position is something that seems to keep me very focused on market action.
Open Ice Breaker was solid and seemed to be inevitable upon entry. If the trade feels to be INEVITABLE then its probably a good trade and will likely play out.
Open Ice Breaker was solid and seemed to be inevitable upon entry. If the trade feels to be INEVITABLE then its probably a good trade and will likely play out.
Intangible Observations
I noticed that when I put on a losing trade it will normally be for 1 lot because i would only look to add to WINNING positions that have began to move in our favor.
If the trade feels to be INEVITABLE then its probably a good trade and will likely play out.
Check the lowers during the 6:45 bar and gauge the action prior to the 7bar, today i could see the 1 & 2 minute slowing down with low volume test as it sold off slightly. This could indicate a good fade of the 7bar.
Keep your thumb off the button until i decide to actually enter, I entered early twice accidentally by bumping the enter while holding the keyboard.
When price resist the cycle S/R (ie. cycle turns down but price moves only slightly and continues to test the resistance) look for higher highs and low volume down bars. This is a very strong indication. Conversely, if we are on the wrong side of this action. look to scratch or reverse.
Resisting cycle are micro crunches that look like this
Resisting cycle are micro crunches that look like this
When spotting a runner, remember that a true runner in a rally may not break below the previous bars low. This is true for the 1500 tick. So stay with the position until you start seeing slowing or exhaustion. The 500 tick will break rarely but more often.
After 7 Bar, or when you are content with your performance find time to re-focus, used the restroom or stretch. usually after 8-8:30 or 9bar.
The $INDU is a great leading indicator for ES. keep a close eye on this for entries, exits and management.
Entrainment seems to work well while trading!!
Also ask yourself some of the question on the scorecard while forming entry opinions.
Entrainment seems to work well while trading!!
Also ask yourself some of the question on the scorecard while forming entry opinions.