Yesterday's TREND = Strong Up Trend
Yesterday's Power On Close = Strength
Today's Open = Open @ 1272.75 GAP UP (6.pt)
Result = Strong Up Trend
Today's TREND = Strong Tight range Up Trend
Today's 15 Minute Close Bar =DN@ 1287.25
Today's Power On Close = Weakness
Daily Volume = 1.675M Ultra High Volume
Today's $TICK close = 5
Daily Market Bias For Tomorrow =
-0.188 Strong Range
Daily's Break above the lower trend channel line with some conviction. This is the rally I expected and now i think we can test the 1310-1320 area But not before re testing the 1275 Gap zone, a seal of this daily Gap zone and break back above is Bullish and would suggest a move to the 1300's.
TRADE OF THE DAY
Came on 1500/500 tick sync, the break was above the 1500 probars that showed on the 4500 as well, the best entry was between 1279-1280 area. The move was good for better than 6-7 points barring an EXIT upon 7 bar peak with FLUSH signal and Probars stepping in. The Trend was very obvious and steep providing few opportunities but steadily trading higher
WHAT I COULD HAVE DONE BETTER
TRADE WITH THE TREND, the trend is YOUR friend, BUT just as importantly UNDERSTAND that reversals TAKE along time turn, and in the meantime you will get trapped and take unnecessary heat. My winners today was with the trend, and all losers against the trend. The Trend was very obvious and steep providing few opportunities but steadily trading higher
SOLUTION
On Strong Trend days take re-entry's with the TREND ONLY! 500 tick Cycle are the best play.
DONT BE A HERO and try to pick Tops, especially Against market bias and Open analysis day type.
INTANGIBLE OBSERVATION:
When you are taking many trades but NOT profiting consider the bench. After 4 trades if im up 1 point or down anything, this may be time to bench yourself. You obviously out of sync or Convinced to be a HERO.
Remember what Armatures are thinking and doing.
When reading the tape. Take note of Price Rejections, price will spend less time in areas of Rejection. In a strong Up trends price will tend to correct but spend very little time on the lows, usually taping the number with little volume then remaining just above it for more time before moving further with the trend.
When price establishes a POC that is overlapped look for price rejections (failures at this area that attempted to move in a direction) but had low volume or spent less time in that direction. Fade the failed direction. If this happens at the close look to fade at the open. If it happens at the Open carefully watch that profile bar as it may take to the end of the time (next close) to actually play out.
(Notice the Overlapping POC's, Price attempted to move down early on the open where it was rejected, Established a new POC at a higher price and Closed at the high of the bar)
