Yesterday's TREND = Tight Rang Up Trend
Yesterday's Power On Close = Strength
Today's Open = Open @ 1271.00 GAP DN (13.5pt)
Result = Tight Range Up Trend early 7Bar reversal to DN Trend
Today's TREND = DOWN
Today's 15 Minute Close Bar =DN@ 1260.75
Today's Power On Close = Strength
Daily Volume = 3.67M Ultra High Volume
Today's $TICK close = -246
Daily Market Bias For Tomorrow =
.438 Modest Bull
As expected we got a test of yesterdays lows in the Globex session. This was attempted on the Open with Blocks stepping in to fuel a bounce to mid morning. Then we got a rush for the doors after the 7bar peak that sold off 15 points over the next few hours. What we now have is exhaustion on the 15 minute. Professional accumulation with Profit Taking and No Supply and Large Blocks appearing at the Lows.
The Daily's close on wide spread down bar on High Volume, signalling a potential rally tomorrow, but the market is very weak and may need another day get legs, also we could expect some consolidation as the market tries to find New Value. I'll be watching for rejection of the lows like a hawk.
The Daily's close on wide spread down bar on High Volume, signalling a potential rally tomorrow, but the market is very weak and may need another day get legs, also we could expect some consolidation as the market tries to find New Value. I'll be watching for rejection of the lows like a hawk.
TRADE OF THE DAY
Came early after the open, we saw a huge gap down overnight and Block Buying on the open 4500 tick bar, after price failed move lower we got a High Volume + Block Profit Taking signal on the 13,500 tick that signal a long entry @ 1270.75. The market appeared to be looking for a new value area with short covering on the open. VP showed New buyers coming in within the 1st 30 minutes. My target was the @ES.D Virgin POC from 4 days back of 1275.75-1276.00
(Notice how price was rejected at Bar 1 value area)
Tick View of the TOD
WHAT I COULD DO BETTER
My original entry was an Ice Breaker that should have been avoided to the short side because of the large gap of 13+ points. I entered impulsively because the volatility appeared as thought we would get at least 2 pts lower.
However i recognized the mistake early and manage to cut the loss asap for a .75 hit.
SOLUTIONS
I did manage to revers at a great price and was able to manage the trade bar per bar to the target exit.
INTANGIBLE OBSERVATIONS
VP is a great target area setter.
b patterns show potential for higher prices as new buyers are entering at what appears to be wholesale prices or higher time frame buyers are being patient as sellers liquidate longs, but very little shorts are established.
p-pattern indicated short covering and a lack of New Buying.
This shows the potential for prices be moved lower as No Demand has not been created to move prices higher.
OLD STRENGTH/WEAKNESS will remain until clearly Negated with a price break and New Value beyond the High Volume Range.
(Notice the High Volume Bars on the Opening and how price consistently stayed above them) the market was attempting to find value at higher price ranges
