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 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.
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.
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.