Yesterday's TREND = Tight range Up early to midday sell off. H -Range Day
Yesterday's Power On Close = Strength
Today's Open = Open @ 1261.75 GAP DN (4.pt)
Result = Strong Up Trend
Today's TREND = Up Trend
Today's 15 Minute Close Bar =DN@ 1273.25
Today's Power On Close = Strength
Daily Volume = 1.675M Ultra High Volume
Today's $TICK close = 552
Daily Market Bias For Tomorrow =
.875 Moderate Bull
Daily's as price bounce out of last weeks small accumulation phase we saw an attempt to peak at Friday highs. But with No news to boot it the trend waned as the day progressed. I wouldn't be surprised to see price retest back into the accumulation zone were Previous High Volume stepped in last week, maybe some consolidation prior to a rally. Im expecting a strong rally sometime this week, but with the low volume Up move today I want to be careful about jumping the gun too soon.
TRADE OF THE DAY:
Another Strong trend move early as price breaks out of accumulation. A solid entry between 1264.00 and 1265 was ideal. An Ice breaker provided the same trend confirmation.
As we saw a Gap down of 4 points, indicating a strong chance for an early trend. On the 4500 you can see a crossing the creek pattern as price attempts to find new highs. Another entry at the same range setup on a 5/1500 sync after a break into the Up trend with a PB on the 1500. Price traded into this rang4+ times after the break into the up trend and paid 4pts 2 times in the same direction further confirming our observation from last week.
WHAT I COULD DO BETTER:
Be patient when I see Trend breaks that are over extended, most of the time these move will retrace providing a much better entry. Note how price reacts upon returning to Initial break points that have now become Support or Resistance.
INTANGIBLE OBSERVATIONS:
Be very aware of the 30 profile OPEN, and CLOSE, as noted before tends to test support or resistance at these intervals as well as peak just as one bar closes and the other one opens.
Its ok to Take smaller profits when you have identifed that my current entry was a point or 2 behind the ideal zone. Price will more than likely provide a 2nd or 3rd entry opportunity at the better price.
Significant Price break such as High time frame Bars with Ultra High Volume are good entry and Re-entry zones especially in Trending days. (ie. today we had a Crossing the creek with a break in the 4500 High Volume bar. Notice how price returns to these levels, reacting with bounces on low volume and high volume, BUT REJECTING the zone each time)
MORE ON PRICE REJECTION
what Has become clear today is that when price breaks into new ground, then a very WIDE BAR appears on the ES Profile after a series of narrow bars this is the equivalent of Probars on the bar chart and is a STRONG SIGN THAT Professionals are active hear. This will often become a POC. This may a good place to take EXIT or ENTER, even when price overshoots the actual price number, this area a reaction point and decision must be made hear!!!
(notice the wide peak bar at 1272, when price traded to 1272.25 there was not much volume/Dmeand at that moment)
Result of the above observation
(Notice how price overshoots 1272.00 by 1 point to 1273.00 creating new POC.) Then returning to test the lower value area of 1271.5. Price basically forms a cluster hear
