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?