Yesterday's TREND = Reversal Day
Yesterday's Power On Close = Strength
Today's Open = Open @ 1291.50 GAP UP (3.25pt)
Result = Early Reversal of Pivot support.
Today's TREND = Up Trend, early reversal
Today's 15 Minute Close Bar =DN@ 1284.75
Today's Power On Close = Weakness
Daily Volume = 2.0M Volume
Today's $TICK close = -489
Daily Market Bias For Tomorrow =
-.214 Moderate Range
Today was a 3.25 Gap signaling an early reversal which bounced off the Daily Pivot Support, Price failed at the 1295 area and sold off hard at the close. The used the Fed Speak as an opportunity to Sell. Tommarrow may be more of the same. We may get a bounce off the 1280 before heading lower to close.
TRADE OF THE DAY
was an early reversal off of Pivot support, the clue was the 3pt gap then the early sell down to the lows, there was also multiple probars and Rambos on the lower time frames. We had overshoot on the 4500 and 1500.
WHAT I COULD HAVE DONE BETTER:
was take the profit given to me, i was married to my target and did not close when the market provided clues. The clues where probars and rambos on the 500 tick and the 1 minute charts.
INTANGIBLE OBSERVATION:
The market ALWAYS provides Entry and Exit clues!! can you act on them is the question. What can stop you from acting on what the market is telling you?
-Marrying Targets.
-Dwelling on past trades.
-Over Confident.
-Recklessness.
-Giving Up on a trade without CLOSING.
-Not Focusing on each bar.
These can all ruin a great day, or set up a Horrible day. NOT listening and ACTING on market information will cause you to stay in a position tooo long. allowing winners to become losers and losers to be BIG losers.
The market WILL do exactly what you think it wont do, it WILL move past your Target or stop. It WILL revers and over correct on a pullback. Whatever you are thinking the market will do, Consider the OPPOSITE!!!
