Yesterday's TREND = Tight range Up early to midday sell off. H -Range Day
Yesterday's Power On Close = Strength
Today's Open = Open @ 1269.00 GAP DN (11.pt)
Result = Down Trend
Today's TREND = Wide Range Down
Today's 15 Minute Close Bar =DN@ 1265.75
Today's Power On Close = Strength
Daily Volume = 3.25M Ultra High Volume
Today's $TICK close = 40
Daily Market Bias For Tomorrow =
.875 Moderate Bull
Daily's Close up after Gaping 11pts in Globex. Price made an early attempt to the 1374.75 level where it was rejected and proceeded to trend down testing the gap area. Im see strength on the Daily's as Block came in to support the close and we never closed below the Gap zone.
We have a b-Pattern on the Weekly @ES continuos contract suggesting minimal selling pressure on the week
Im expecting a rally back into the down trend channel next week.
We have a b-Pattern on the Weekly @ES continuos contract suggesting minimal selling pressure on the week
Im expecting a rally back into the down trend channel next week.
TRADE OF THE DAY:
Open Ice Break off the 13,500 tick cracked early @1373.50 after we saw blocks come in at the globex highs, price began to make lower lows in the pre-open and continued to probe for support. The Open ice was good for 3pts before finding support.
After Finding support price bounced off the Open Profile POC @1370.75 to test the highs but 1374.75 was the best effort on the trade providing another solid 3 pt gain.
WHAT I COULD HAVE DONE BETTER:
Was NOT BE GREEDY!! I lost focus and start looking for a 1 shot 1 kill trade and IGNORED the price rejection at 1374.50 a BB top and 2 EXHAUSTION signals on the 1500 tick with HIGH VOLUME BARS that stepped at this level.
SOLUTION:
Allowing a winner to become a loser is purely a loss of Market Strategy Focus!! and Failure to ACT on the Market info. When you start thinking about the outcome and NOT the action you are MOST vulnerable at this time, This is and will be the WEAKEST aspect while in a sequence.
SO GUARD AGAINST this at all cost!! when we identify the root weakness we can now be more aware its forms and better guard against it.
INTANGIBLE OBSERVATIONS:
PAY VERY CLOSE ATTENTION to 30 MINUTE VOLUME PROFILE - particulary on the open and close of the bars as price will react at these times.
TRUST YOUR POC targets but watch for rejection or acceptance of these areas. You cannot marry the target, Take what the market is giving you at the moment, price will usually return to provide a 2nd opportunity for as much as you gained on the 1st
TRUST YOUR POC targets but watch for rejection or acceptance of these areas. You cannot marry the target, Take what the market is giving you at the moment, price will usually return to provide a 2nd opportunity for as much as you gained on the 1st
Same Price Entry of previously good trade shows alote of potential - Especially if price has established value in that area.
What PRICE REJECTION LOOKS LIKE on the Tape.
when we are looking at the tape we can see volume above the inside bid/ask began to accumulate if price is to move higher, Conversely when we see volume below the inside bid/ask accumulate we may expect a short term move lower.
However when price is emphatically REJECTED we should look for price to move above/below the inside bid/ask by 1-2 ticks WITHOUT ANY volume accumulation. Price will seem to be quickly slapped back away from the attempted price. This shows that there are very few participants interested in that price, this level may be attempted more than once prior to price going to the path of least resistance, But this is a MAJOR clue of Interest. look for Rambos and low volume bars to accompany the tape.
When price is accepted we see multiple attempts above/below inside Bid/Ask But This time volume is accumulated STEADILY, price will tend to slow down to allow move volume to accumulate as price enters the next higher/lower bid/ask.
What PRICE REJECTION LOOKS LIKE on the Tape.
when we are looking at the tape we can see volume above the inside bid/ask began to accumulate if price is to move higher, Conversely when we see volume below the inside bid/ask accumulate we may expect a short term move lower.
However when price is emphatically REJECTED we should look for price to move above/below the inside bid/ask by 1-2 ticks WITHOUT ANY volume accumulation. Price will seem to be quickly slapped back away from the attempted price. This shows that there are very few participants interested in that price, this level may be attempted more than once prior to price going to the path of least resistance, But this is a MAJOR clue of Interest. look for Rambos and low volume bars to accompany the tape.
When price is accepted we see multiple attempts above/below inside Bid/Ask But This time volume is accumulated STEADILY, price will tend to slow down to allow move volume to accumulate as price enters the next higher/lower bid/ask.
These are the small price breaks to tell us price may be being accepted.