Yesterday's 15 Minute Close Bar = UP @ 1320.25
Yesterday's TREND = Down Trend
Yesterday's Power On Close = Weakness
Today's Open = Gap Down (7.0 points)
Result = Gap Test and reverse to down trend
Today's TREND = Down Trend
Today's 15 Minute Close Bar =Down@ 1308.00
Today's Power On Close = Weakness
Daily Volume = 2.0M below Average
Today's $TICK close = Down @ -301
Daily Market Bias = -1.143 Strong Bear
Today we selling below the daily support early one and a midd to late day rally back to the open. This marks the beginning of a downtrend and should be traded as such looking for pullbacks on the dailys.
TRADE OF THE DAY
was the early reversal from the gap test. @1315 down to the 1505.75 lows, this trend lasted until mid morning with 2 good downside re-entry's. The reverse showed its hand with cycle resistance on the 4500,1500 1m with PB, $INDU and SPX. The 500 showed an overshoot with Rambo at the peak.
The 1500 Never Exhausted, hinting that their was another bottom to be established before days end.
a look on the 4500
The Internals agreed
What I could have done better:
After the large down move I missed a solid re-entry and forced a very bad entry and the lows, The downtrend was soo persistant that i lost patients, I forgot the time of day, as this was during the Dead Zone and refused to exit.
I married the idea that price would see new lows and did not cut losses. Price NEVER returned to the lows and i was stopped out with MAX loses.
I was thinking about how clean my report would look without a loss and that if i held long enough I could keep a clean report!!!!! crazy and dumb to think like this.
I failed to adjust to changing trend because i blinded by my current position. Had i cut the trade (I had a least 10 chance) I would have seen very clear that the trend was changing and waited for confirmation on the 9bar zone.
Very bad trading especially after the Trade of the Day.
INTANGIBLE OBSERVATION:
When price breaks S/R on 1st bars wait for better signals and confirmation.
Also if PB shows and price bounces without ever making a EOT, this may be because price is moving too quick in direction and is a strong indication of S/W.
Be sure charts are positioned to show price on OPEN, today i missed the 13,500 open ice breaker because the price was below the chart.
Look for Reversal to get under way after 7bar zones and to be confirmed by 9bars zones.
