Yesterday's TREND = Tight Range Bullish Drifter early, Then Midday Sell Off.
Yesterday's Power On Close = Weakness
Today's Open = GAP UP (2pts)
Result = Continuation of Range Bearish till 7 bar midday Rally
Today's TREND = Tight Range Bearish, Midday Rally to uptrend
Today's 15 Minute Close Bar =Dn@ 1342.50
Today's Power On Close = Weakness
Daily Volume = 1.6M Low Volume
Today's $TICK close = UP@ +635
Daily Market Bias For Tomorrow =
- 0.5 Modest Bear
Today was a Gap up of 2 pt continuing to respect the trend from Thursdays lows to Fridays Close. Today we bounce for a 3rd time off the same trend line to rally to the even longer term Down Trend Line at 1345 forming a symetrical triangle. A break above 1347 could see a rally back to the 1351+ area. A break to the downside could see a sell off to the 1326 and possibly the 1319 areas.
13,500 tick chart shows triangle formation indicating a pressure buildup. Given the Recent Background Weakness over the past few weeks along with Blocks and Probar at the peaks, im expecting a false break to the upside but a REAL break Down over the next few days.
13,500 tick chart shows triangle formation indicating a pressure buildup. Given the Recent Background Weakness over the past few weeks along with Blocks and Probar at the peaks, im expecting a false break to the upside but a REAL break Down over the next few days.
TRADE OF THE DAY
The trade of the day came at the 7 bar on a 500/ All sync that setup at the 1334.75 Lows after the 1500 Exhaustion showed up then confirmed with Divergence on the 1500, 4500, and 500. We saw a long trigger for a solid rally of 12 points to the 1346.25 area.
WHAT I COULD HAVE DONE BETTER
NO TRADING TODAY, Monday after the Mothers Day Holiday. chose to stay away.
INTANGIBLE OBSERVATIONS:
Fading New Highs. Don Miller type Entry. Taking trades at Peak highs when price starts to stall after a Large Rally.
I Experimented with a trade at the New Highs for the day, BUT there was a LONG term Trend line and Pivot Resistance with Ultra High Volume bars leading up to the top with Exhaustion.
Long term trend line 13,500 (Weakness)
The 2 minute showed a wide spread Up Probar followed by a lower closed inside Block bar.
On The $TICK we got an extreme reading ABOVE 1100.
On The $TICK we got an extreme reading ABOVE 1100.
4500 pro bars with Exhaustion, and Upthrust at the Trend Line
My Focus was on the green new high line on the matrix. Watching the tape here you can see the price stall and begin to retest with less and less aggression.
ALSO the Volume Profile (in matrix) does not respond indicating very little interest in higher prices at that moment.
Further research in to the potential of this style is needed but the concept shows promise.
Further research in to the potential of this style is needed but the concept shows promise.