Yesterday's TREND = Tight Range Bearish, Midday Rally to uptrend.
Yesterday's Power On Close = Weakness
Today's Open = GAP UP (4.25pts)
Result = Early Gap test down then Bounce into Up trend till 7 bar correction and continued up trend.
Today's TREND = Tight Range Up trend.
Today's 15 Minute Close Bar =Dn@ 1353.75
Today's Power On Close = Strength
Daily Volume = 1.5M Low Volume
Today's $TICK close = UP@ +680
Daily Market Bias For Tomorrow =
0.357 Modest Bull
Today was another 7 bar Peak reversal, we have seem many of these over the past few weeks. Our Symmetrical Triangle was broken to the upside in the globex session. With Strength stepping in last week prices look poised to test the highs around 1370 area.
TRADE OF THE DAY
Came Early on a Gap Bounce that setup as a 5/15 to the upside. The low was 1345.75 with a solid entry around 1346.75 fueled a rally of 5.5pts making up 90% of the range till the 7 bar peak, This was a 1 shot 1 kill opportunity. Pro bars came in at the 1349 area but pushed prices higher, never signaling Exhaustion but a good place to book profits.
1500 tick show the sequence well.
WHAT I COULD HAVE DONE BETTER
Hold my original position longer allowing time for the trade to play out. I scratched it after 2 ticks cause it wasn't moving in my favor, but it eventually did.
Maybe time my entries better to prevent heat.
INTANGIBLE OBSERVATIONS:
A good way to confirm the trend on multiple time frames is to glance at the Radar's ALL ES and note the TRIX. (They are set to 5)
The 500 and 1500 are usually first to turn but the 4500 is THE ONE TO FOLLOW, when they all line up that's good confluence confirming a strong trend, BUT be aware that a Hi/Lo may be the turning point.
I noticed the 500 will also turn without the 1500 BUT line up with the 4500, This may suggest a correction/pull back in trend.
Trix 4500 /15 minute and 500/1 minute are below 0 line with 500 leading in red orange. (Notice the 1500 lagging)
Also when the 4500 and 1500 are (Neg) but the 500 is slightly Positive, this too can be a resumption of trend, confirmed pullback.
price correction on 500 back to 4500 trend.
- DON'T USE A 2 POINT STOP, AMATURE'S TEND TO USE 2 POINT STOPS OR LESS and Get taken out exactly at 2 points.
Understanding EXHAUSTION AND DIVERGENCE Signals