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.