Yesterday's TREND = Bearish Down Trend
Yesterday's Power On Close = Weakness
Today's Open = GAP Down 7pts
Result = Bearish Trend till 8:00 Peaks then gap test to close and sell off
Today's TREND = Bearish Down Trend early then reversal midday, closed down
Today's 15 Minute Close Bar =Dn@ 1335.00
Today's Power On Close = Strength
Daily Volume = 2.9M High Volume
Daily Volume = 2.9M High Volume
Today's $TICK close = DN@ +7
Daily Market Bias = - 0.071 Strong Range
Today was a great volitility run, we saw a selloff then a early Bounce off the Globex Lows, and another rally by midday. Im expecting a continued attempt at the highs on friday. A failure here would be a double top and potential start of a down trend. But Im expecting a feel good friday Close for the short term.
TRADE OF THE DAY
cam early at the open when the Globex session showed High Volume Blocks in a the lows, On the open price sold off the test this area and formed an EOT on the 1500 tick with 2 Exhaustion signals and Probars to boot, confirming on the 500. The break of the probars at 1334 area rallied up the 1340 in less than an hour, good for 6 points. The volitily was excellent and provided more solid trades in both directions.
1500 tick open shows Globex Exhaustion and pro Bars (there were many Blocks also traded in this area) then a return here on the open with an EOT and rally for 6 point move.
4500 tick showed the day we had, If you stuck around for to the end there were a ton or opportunities.
WHAT I COULD HAVE DONE BETTER
was go ahead and trade the EOT on the open, I noted the strength but tried to stick to the NEVER enter prior to the Ice Breaker rule and allowed the move to get away, then i tried to enter on the Ice breaker AGAINST the STRENGTH! The move went 1 + pts But I didnt close out and started to experience Platform issues and faulty execution.
After exiting the Ice Breaker trade I got a solid entry with the trend that ran 2.75 points. MY BIG MISTAKE WAS NOT TAKING PROFIT hear. I married the position and was correct on my analysis for the long run. I was committed to holding for the long run BUT my system crashed and I lost all focused trying to reboot etc. I wound up getting stopped out by 2 ticks and price immediatly reversed and hit my target.
The lesson hear Is NEVER marry a position, Had I taken profits I would have had multiple entries in both directions and a much better entry for the long run target of the day. Also regarding the Ice Breaker - understand that there are NO HARD RULES, there are exceptions to every Rule!!
INTANGINBLE OBSERVATIONS
Take Ice breakers in the direction of Globex Momentum and Strength even if the break doesnt happen till the 3rd bar.