Yesterday's 15 Minute Close Bar = Down @ 1301.
Yesterday's TREND = UP Trend
Yesterday's Power On Close = Weakness
Today's Open = Gap Up (2.25 points)
Result = Gap Down and Range Bound with major whipsaw.
Today's TREND = Continuation tight Bearish Range Day
Today's 15 Minute Close Bar =UP@ 1301.00
Today's Power On Close = Strength
Daily Volume = 1.52M Below Average
Today's $TICK close = UP@ +709
Daily Market Bias = + 0.857 Moderate / Strong Bull
Today was a Continuation Ranging day with slightly Bearish implications, we Very little volatility on the open and moved in a very tight range aimlessly. This could signal a breakout in the coming days. If we move below yesterdays close Im expecting a down move to 1290 area for more testing. Or we could see a rally to fill the large gap from Mondays Open.
TRADE OF THE DAY
With very tight range of 6points there were not many good opportunities, but the best 2 came early @ 1305.5-1306 area with a 500/4500 Lock and EOT on the 500 tick. The move sold off to the 1301 area before correction.
We then see the 2nd high @ 1305.75 in a Mushrooming Rounding pattern that Locked on all tick and minute charts, the entry was tricky as price blew off @ 1305.75 area to the upside prior to the sell off down to 1299.75 low of the day.
**The Red arrows show entry points**
What I could have done better
was be patient after booking good profits. I took trades in the correct area and direction but failed to let them play out, I thought I was cutting loses believing the trend had changed,
This was the result of my focusing on the 500 tick too much and losing sight of the higher frames which was the reason for entry to began with.
I did get angry at one point after being stopped out.
WHAT I DID WELL
recognized the Ice breaker was high risk due to the consolidation in the pre-open, No momentum (shown by very late Vertical bar print) and the small gap indicating that we could see a continuation of the pre-open. I did enter but cut the trade very quick for a 2 tick loss.
INTANGIBLE OBSERVATIONS
Look into continuation gaps and CLOSED ICE BREAKERS, their seems to be a correlation between small gaps and consolidated pre-open move.
Also pay attention to the vertical bar print, today it printed very late indicating Low volatility on the open as the ticks are transaction based a late print with no volume could mean NO momentum.
When Price IGNORES the cycle Exit and look to Reverse, chances are you may be fighting the current trend. Signs of Ignoring the Cycle are:
- Price Staying close the S/R line while Sine moves away from the cross point
- Quick drops away from the S/R and Quick return to the S/R with Probars at the lows.