Yesterday's TREND = Strong Down Trend
Yesterday's Power On Close = Strength
Today's Open = Open @ 1264.50 GAP UP (3.5pt)
Result = Tight Range till 7z (strength seemingly played out in Globex Session on Sunday)
Today's TREND = Tight Range Bearish till 7z then Down trend, then bounce back to open.
Today's 15 Minute Close Bar =DN@ 1266.50
Today's Power On Close = Weak
Daily Volume = 2.5M Volume
Today's $TICK close = -525
Daily Market Bias For Tomorrow =
.625 Modest Bull
The Daily's are still in a solid down trend, corrections may begin to play out in the Globex session with the day continuing to trend down. We Closed with a Doji type pattern and a Stopping Volume signal. Volume was heavy at 2.5 indicating a potential bounce, I'll be looking for a correction this week and stalking the globex session for early moves.
TRADE OF THE DAY
There was No real trade of the day as price stayed within a very tight 4 point range till the 7 zones which provided minimal opportunities. However when we look close at the 15 minute chart we can see that there was a few range trades good for 1-2 points. The strategy if Recognized early would be buy the pivot low, sell the highs. Today the clues appeared to be pre trending clues that never payed out. The best course of action on days such as this would be to stay out, or scalp .5pts etc. Not my style, tends to lead to overtrading.
What I could have done better:
was recognized the pattern sooner, after price failed at bothe extremes early, this was an indication to take small profits or abort the day.
Not overtrade, I tended to balk a bit do to changing market information. which i followed well but failed to see this pattern prior to overtrading.
Solutions:
The best course of action on days such as this would be to stay out, or scalp .5pts etc. Not my style, tends to lead to overtrading.
Patients with allowing the swings to return for profits, many of the trades could have been avoided if i waited for the return swing (This applies to a Tight Ranging morning session.)
INTANGIBLE OBSERVATIONS:
Price Failure at Virgin POC from last week is a strong indication of direction.
If price is range bound after 1st hour, look for clue for break outs on 7 bar, ie. BB tightining, price staying at support/resistance for long periods