Yesterday's TREND = Strong Down Trend Midday Reversal
Yesterday's Power On Close = Strength
Today's Open = Open @ 1278.00 GAP UP (11.5pt)
Result = Tight Range Drifter
Today's TREND = Tight Range Bullish Drifter.
Today's 15 Minute Close Bar =DN@ 1284.00
Today's Power On Close = Strength
Daily Volume = 2.83M High Volume
Today's $TICK close = -116
Daily Market Bias For Tomorrow =
.938 Modest/Moderate Bull
The Daily's are still in a down trend and we closed up on High Volume wide spread bar with stopping Volume. Tommarrow Im expecting a test of todays lows around 1265 area. Then we could see a bounce from there.
TRADE OF THE DAY: What I Learned
Today the trade of the day was a Break into an uptrend early after gapping up 11+ point in the Globex sessions SIGNALING a potential TIGHT RANGE DRIFTER. Entry's at or around the 1280 area would have provided multiple profit taking opportunities. 1 for 2 points early @ 1282, a re-entry for 3 points @ 1283.75 and another reentry for 4 points @ 1284, that is 9 points prior to the 9 Bars!!!! This same trade if held to the 9 Bars would have paid about 4 points while waiting to the 9 bars.(too much risk)
I have notice on multiple occasions that tight trends will correct back to or thru value areas that will provide 2nd and 3rd entry's in the trend direction. In these cases we should NEVER look to short if the days trend is UP and NEVER look to Buy if the days drifter is Short.
15 minute look
4500 tick view
WHAT I COULD HAVE DONE BETTER:
I Could have reenter at the same price multiple times, this provided many.
I did well by staying Contrarian and asking what would i have done a few weeks ago in this situation, and what is the Public thinking??
INTANGIBLE OBSERVATIONS:
Focus the larger picture on VALUE not Price, as Value will show the true sentiment of the market when trying to VISUALIZE the Days Structure and Sequences.
Its Better to take small consistent profits than to wait for the Larger move. I have notice on multiple occasions that tight trends will correct back to or thru value areas that will provide 2nd and 3rd entry's in the trend direction. Hold till close test today on tight Range Drifter.
Ask where is the HIGH volume and Blocks showing up? Are Blocks at the Peaks and Lows?
Has Price moved above high volume areas?
What was the Attempted Direction on the Open?
What was the Volume associated with e move telling me?
Was Value area placement overlapping to higher, unchanged, Overlapping to lower or to Lower.
Was Profile elongated, symmetrical or Squat?
On thin tail opens look for potential trend move on the day as price trys to find value. This pattern shows long/short positions being liquidated.
These question help to clearify and confirm the bias the sentiment on the day.
BE THE CONTRARIAN at all times. What is the Public thinking here?