Yesterday's 15 Minute Close Bar = Down @ 1323.75
Yesterday's TREND = Down Trend
Yesterday's Power On Close = Weakness
Today's Open = Gap Up (2.0 points)
Result = Continuation of previous days action.
Today's TREND = Down
Today's 15 Minute Close Bar =UP@ 1320.25
Today's Power On Close = Weakness
Daily Volume = 1.5M below Average
Today's $TICK close = Down @ -37
Daily Market Bias = -0.929 Moderate/Strong BEAR
Today the market was light on volume to open and continued for the most of the day. The daily still shows more downside potential if price can break the NOW support level of 1317. This is likely to come on Globex trading to keep the public out.
TRADE OF THE DAY
we had 2 trades of the day both pull backs in the down trend. the first coming early after we saw cyclical Resistance on all tick frames and EOT synchs on the $VOLD & SPX.X, for a 4 pt move from 1329 to 1324.
Price then bounce around to form a symetrical triangle on the 15m and 4500 tick.
15 minute triangle. ** Notice the price goes back to retest the Daily pivot witch is NOW Resistance, then failed prior to selling off for the day.**
Triangles are very obvious and can be simply entered on the break, if we see a retest of the area we can re-eanter or add to the position.
WHAT I COULD HAVE DONE BETTER:
Was stay with my entry and trust my Bias. I entered on the break but didnt give the trade enought time to play out.
Solution is to Allow the 2nd cycle after entry to reveal its intent, had i remembered this i would have seen price resume lower.
INTANGIBLE OBSERVATIONS:
The $ VOLD, SPX.X and $INDU can flow on the same cycles. When at least 2 of these Synch with Generic cycles on the tick frames we can see explosive moves as noted above.