Yesterday's TREND = Up early, hard sell early then slow up trend after 8:30 low = Doji Day
Yesterday's Power On Close = Strength
Today's Open = Open @ 1327.50 GAP Up (1.75pt)
Result = Prior Days Continuation. Up Trend
Today's TREND = Up Trend early then Flag break up
Today's 15 Minute Close Bar =DN@ 1338.50
Today's Power On Close = Strength
Daily Volume = 1.5M Low Volume (Blocks on the Daily)
Today's $TICK close = 580
Daily Market Bias For Tomorrow =
0 Strong Range
Today we saw a 1.75pt Gap Up that got started early and consolidated into a Flag pattern after the 7 bar. Then Broke out to resume the Up trend and close on the highs. The Break above the previous days Doji was bullish and im expecting some up trend continuation tommarrow.
TRADE OF THE DAY
Was the Open Ice Breaker that Broke out above support on the 13,500 @1328 and ran for 5 points till the 7 bar where it flagged thru the dead zone and broke out after lunch.
WHAT I COULD HAVE DONE BETTER
Was manage my position better by simply allowing the trade to play out. Today i had a great entry on the Open Ice Breaker but moved to break-even and was stopped out on the tick, before price resumed to the upside for 5 points. my target was 4 pts. This would have been a 1 shot 1 kill day. Lesson learned again.
Recognize your situation and react accordingly. Today I took a trade that appeared to be perfect and sometimes things are too good to be true. This was and EOT on the 1500 and 500.BUT IT WAS AGAINST THE TREND. The trade consolidated into a Flag. When This Flag pattern became obvious. This is where I should have reversed and went long and waited for the upside break. All the signs became evident but i didnt take action.
(1500 tick Flag during deadzone.)
SOLUTION
NEVER MOVE TO BREAK EVEN OR USE TRAILING STOPS.
Take Action Based on what the market tells you.
INTANGIBLE OBSERVATION:
Just never never trail trade and push yourself to take action.