Yesterday's TREND = Steady Down trend then Hard Sell off after 7 bars
Yesterday's Power On Close = Strength
Today's Open = GAP Down (3pts)
Result = Test of Lows then Up trend to test & seal gap area.
Re-test at Pre-Open of POC level 1336.50
Today's TREND = Test of Lows then Up trend to test gap area
Today's 15 Minute Close Bar =Dn@ 1338.75
Today's Power On Close = Strength
Daily Volume = 2.1M Low Volume
Today's $TICK close = -268
Daily Market Bias For Tomorrow =
Today we had some good opportunities to the down side starting with the Open Ice Breaker that moved 5pts. Then traded in a range rejecting the gap area until finding a higher low at the 7bar. After testing the lows we saw the Strength from last weeks high volume days hold as support for a midday rally.
TRADE OF THE DAY
Trade of the day came on the Open Ice Breaker that had a Block Bar closing Up as a continuation peak. With Probars on the Top at the pre-open with Exhaustion on the 1500 tick.
(Notice the Exhaustion and Divergence at pre open tops)
Next trade of the day came on a 5/All with 1500 tick End Of Trend. The trade showed slight evidence with a small probar on the 500 tick only. The 1 minute did showed pro bars at the bottom. When we get cycle in key area (ie. POC, EOT) be sure to check the time charts for High Volume bars.
The 1500 and 500 tick showing EOT and strong rally
1 minute signal pro bar at LOW
4500 tick cycle signaling Up Trend.
WHAT I COULD HAVE DONE BETTER:
I broke a rule and entered a trade with NO volume confirmation, this trade was also prior the ice breaker which is a BAD idea fortunately I cut it short.
The Next mistake I made was to move a stop to break on a RUNNER!! this was an obvious runner that moved 5pts and stopped at the POC inevitable target!! I was fully aware of these target BUT panic and moved to a 2 point profit lock that was hit exactly on the tick and of course continued on to the target. My original target was hit within a minute of closing. PLUS I lost a tick due to slippage of being stopped out. Look for probars and exhaustion on the 1500 tick for exits and STICK TO YOUR TARGETS especially when we get a runner!!
The next mistake I made was entering against an EOT, i wasn't aware of the cycle and entered thinking there was a continuation of the down trend, but i quickly scratch this trade and waited for a better opportunity.
Emotionally I was disappointed and upset about the poor exit on the open ice breaker, I began to think about that trade too much.
Emotionally I was disappointed and upset about the poor exit on the open ice breaker, I began to think about that trade too much.
SOLUTION:
Try to calm down and be aware of your emotional state. Think whats the worst that can happen. Ultimately each trade is a small part of a larger whole, so 1 sequence wont determine the whole.
Never Enter Before and Ice Breaker, this takes away focus for the ice breaker and is usually in the WRONG direction!! too early.
Always look for Volume confirmation prior to entering. If it doesn't show on the ticks look for it on the time charts, if its there it will show.
FOR EXITS remember to Look for probars and exhaustion on the 1500 tick for exits and Stay with inevitable targets!
When you get emotional about something STOP and Re focus on the current Market activity. Listen to these emotions.. If they are self focused then immediately get to market focus.
INTANGIBLE OBSERVATION:
Moves don't stall without Pro bars stepping in in most cases.
When your in a runner look for the 1500 to guide your exits
POC levels are great targets and ofter sync with cycle turns in tick and time charts
NEVER ENTER TRADES PRIOR TO THE ICE BREAKER
If the Ticks dont confirm volume at a key cycle point ie. EOT then look for then on the 1 minute chart.
THE BEST TRADES CAN OFTEN FEEL WRONG, because we have been programed to think wrong regarding money. The best traders listen for these emotion and act in opposition to these feeling.
THE BEST TRADES CAN OFTEN FEEL WRONG, because we have been programed to think wrong regarding money. The best traders listen for these emotion and act in opposition to these feeling.