Yesterday's Power On Close = Strength
Today's Open = Open @ 1297.50 GAP Up (3.25 pt)
Result = Early Reversal into Up Trend
Today's TREND = UP Trend past 7 bar
Today's 15 Minute Close Bar =UP@ 1304.50
Today's Power On Close = Weakness
Daily Volume = 2.48M high Volume
Today's $TICK close = -196
Daily Market Bias For Tomorrow =
-0.071 STRONG RANGE
Daily's broke out the accumulation and after being marked up on light volume yestarday, gained on healthy volume closing at the top of the range. We are yet to see a cycle turn on the @ES.D and Continuous so im still expecting some sort of dip/retest of supply after maybe touching the 1310 level, however if price breaks thru this area on high volume we could see a run to 1318 the Top of the Down Trend channel confirming a short term up trend at least. The 135 and 40500 have already broke into the uptrend. But todays narrow range has me skeptical.
TRADE OF THE DAY:
The trade of the day came after Heavy volume with little movement around 1295-1297 area, there was alote of whipsaw and conflicting signals. However the very Skilled could have recognized that after multiple probars price stalled with a rambo on the 4500 BB low and 1500 tick Cycle support at 1293. There was No Cycle on the 500, and an overshoot on the 4500 making this trade somewhat elusive. The Dip down in the 1293 area was to catch stops prior to moving to the inevitable target of 1304ish. The Day Type with a 3 pt Gap was a signal of an early reversal into trend. An Entry at or aound the 1296.25 and 1297 were the most accurate, A hold till 7bar provided a 5 pts move on ultra high volume.
WHAT I COULD HAVE DONE BETTER:
Been Quicker to recognized the range- After the News Release there was alote of Volume But No real movement, i should have seen this and exited for a small profit (Platform Froze) Stops were being taking out at the lows.
Close out the position when the Platform Froze up.
Took action when i Recognized a test in a rising market, I held short after reversing and missed a max target opportunity. This was a 3pt Day type confirming a early reversal into trend!!
SOLUTION:
If the plateform freezes or i experience any technical difficulty, Close out ALL positions asap especially if profitable.
Take ACTION when see chances, the market will give multiple chances and clues to get on board.
Take ACTION when see chances, the market will give multiple chances and clues to get on board.
INTANGIBLE OBSERVATIONS:
When we Get the Day Type that matches our bias look for strength/ weakness on the Globex, THEN ACT ON WHAT IS BEING CONVEYED!!!
3pt Early reversal will often peak at 7 bars
When we Get the Day Type that matches our bias look for strength/ weakness on the Globex, THEN ACT ON WHAT IS BEING CONVEYED!!!
3pt Early reversal will often peak at 7 bars