Yesterday's TREND = Down
Yesterday's Power On Close = Weakness
Today's Open = Open @ 1331 GAP Down (3pt)
Result = Immediate Up Trend till 7 bar then Reverse midday
Today's TREND = Up Early, Down Midday = Range
Today's 15 Minute Close Bar =DN@ 1325.25
Today's Power On Close = Weakness
Daily Volume = 2.178M High Block Volume
Today's $TICK close = -528
Daily Market Bias For Tomorrow =
-1.214 Strong Bear
Today we saw a 3pt Gap Seal that Immediately began to move Up breaking into a Strong Trend till the 7 zones and peaking at 7:30. Then we got a midday Reversal that ran to the lows of 1325.25 from the 1341.25 Hi. We closed Hard with a Trend Line Break on Heavy Volume. Tomorrow I'm expecting more selling pressure early, and maybe a bounce midday. Ill be watching the After Market close for Exhaustion, Rambos or Block activity.
TRADE OF THE DAY
The trade of the day came on an Open Ice Breaker that broke into a up Trend Early. The move was fueled by Overnight lows being put in with Rambos at the bottom. Further confirmation came with an EOT on the 1500 in After Hours trading and Exhaustion shortly after the open with a Long Cycle Support to boot. Then blocks signals on the 13,500 forming a Profit Taking Pattern on the opening bar. A key note is that price never made it to the lows of the open bar!! This Happens often on the Best Open Ice trades. Price then retraced slightly forming another 1500 cycle and rallying till the 7 bar.
13,500 and 1500 tick look at Open Ice Breaker
WHAT I COULD HAVE DONE BETTER
Take full advantage of the Break into the uptrend. I missed 2 good opportunities to re-enter in the trend direction that totaled 10 points in all. The trend break was evident on all the tick charts. (click here to see Reacting to Strong Trends)
1500 Trend Continuation confirmation
a look on the 500
SOLUTION
When I get a Break into a strong uptrend Remember that the Re-Entry's will come on the 500 ONLY if at all, What we need to see Volume signals at the Break Bar Lows and Probars on corrections. After these there were few entry oppotunites to the upside.
INTANGIBLE OBSERVATIONS:
On Clear Trend Runs think about holding til 7 bar or 1500 Exhaustion.
When price breaks into an uptrend you may not get probars on the lows, expect Rambos, or Low volume test bars, also check the time charts. And the Vix may make New Lows or Highs.
When Volume Profile Builds a Wide Bell Curve in the Globex session, I noticed today we got a Trend Early and a Large Open Ice Break. (3pt Gap Down) Could a wide Bell curve in Globex signal a potential break out into trend?
It would make sense to view this as volume building up as a Price Consolidation signaling extreme balance at the level. A break above/below the After Market Value area could be a break out into trend move..
(Notice Wide Bell Curve in Globex trading @ES) The Red Low Volume point is the break into trend and the Open is the Value Area Level. This level coincided with Open Ice Breaker.
(Current Day Session @ES.D has very Different Shape!!) This is a Monday
Had we Not recognized the Globex session The Trend formation may have been overlooked as the shape does NOT match.
Also the Vix continued to make new lows during the uptrend, this is added confidence and certainty of rally when price moves Up.
Also the Vix continued to make new lows during the uptrend, this is added confidence and certainty of rally when price moves Up.