Yesterday's TREND = Down trend at Midday Reversal
Yesterday's Power On Close = Weakness
Today's Open = Open @ 1267. GAP DN (12.25.pt)
Result = Bearish Horizontal Range
Today's TREND = Down till 7bar Reversal Strong UP
Today's 15 Minute Close Bar =UP@ 1277.50
Today's Power On Close = Strength
Daily Volume = 3.31M Ultra High Volume
Daily Volume = 3.31M Ultra High Volume
Today's $TICK close = 37
Daily Market Bias For Tomorrow =
0.563 Modest Bull
Daily's show the Globex Break down selling off 12 points to todays open with heavy momentum to the down side. But Reversed on strong Volume to close up at 1277.50 back into the Trend Channel. Im long on any Price Rejection at 1280 level.
TRADE OF THE DAY:
The trade of the day came after an open ice breaker that sold off on the Globex and Pre-Open momentum. The TOD came
around the 1266 level on a 5/1500 sync. This happened when price bounce off the 1262 area with an EOT on the 1500 tick with a Bullish Flush Signal, However the selling momentum proved to be too much as price stalled, we saw some low volume bars on the 1500 tick and Probars selling into the rally with a PT probar near the top of the 4500 BB. The 1minute aslo showed Blocks on a Wide Spread Up bar selling this rally.
From here price sold off 6points.
WHAT I COULD HAVE DONE BETTER:
Been i little more patient on my second trade as the cycle not lined up forcing me to sit thru major heat almost hitting my stop, The entry was 1.5 late causing about 3.75 pts of heat.
The return number was 12630, had i entered hear i would have only sat thru 2pts heats and been set for a 4 pt gain.
Notice How Price returned to this area many times providing 5 pt targets 2 times with many chances to short at this price.
Notice How Price returned to this area many times providing 5 pt targets 2 times with many chances to short at this price.
SOLUTIONS:
When we know our entry is late, consider scratching immediately, or be prepared to take heat. BUT if we are fully confident in our decision and in the direction of the trend it may be wise to hold tight.
INTANGIBLE OBSERVATIONS:
Reading the Tape - The next (upper/lower - inside Bid/Ask) string of volume numbers need to react with activity to confirm continual selling or buying at that moment. When we see NO reaction consistently then volume may be drying up at that price.
However If we see no MOVEMENT of price at a specific number with low volume fluctuation then look for a break of that price, many times price will sit still as if there is No Activity but this is a type if price consolidation prior to a break out. In certain area price need to be marked up/down specific price zones like jumping thru a gap.