Yesterday's Power On Close = Strength
Today's Open = Open @ 1340.50 GAP Dn(2.25 pts)
Result = Early Break Into Down Trend
Today's TREND = Up Trend
Today's 15 Minute Close Bar =Down @ 1342.75
Today's Power On Close = Strength
Daily Volume = 2.3M Volume
Today's $TICK close = 648
Daily Market Bias For Tomorrow =
0.25 MODERATE RANGE
Daily's are showing Signs Weakness with a NoD printing on the ES and a close at Resistance (the old Gap zone) Howver the Daily's are approaching a Cycle Support that will be a pull back in trend, We may see more consolidation prior to a potential decline. Conversly if we retest the high of last week on high volume then we may see the 1360 area.
TRADE OF THE DAY:
The TOD came early on a Break down of Price below 1338 support trading down to 1335 before bounce to provide the TOD 2nd Entry from Break Down @ 1337-1338. This was the 1/2 Line on the 4500 along with the broken support that became new resistance. An entry here was confirmed on the 1500 and 500 tick with probars at the peaks. Price traded down to 1332.75 for max 5.5pts in all.
WHAT I COULD HAVE DONE BETTER:
Be More aware of the S/R on the Open and ONLY trade with Pre-open Momentum, today I open a position against pre-open momentum and an old resistance. However I quickly cut and reversed for a solid gain. But the day could have been a 1 shot 1 kill day had it not been for this mistake
SOLUTION:
Really focus on the overall morning trend and stick with it
INTANGIBLE OBSERVATIONS:
On The open, when we get a Continuation Day type - The Continuation is relevent to the Pre-open, the most recent trend momentum, this will keep me on the
Peak Bars that happen at 6:30 have been occuring often recently and have resulted in midday Reversals, so when holding for the 7 bar keep an eye out for early peak action on the 4th 15 minute bar (6:30) as opposed to the 5th 6:45 (7bar zone) Also dont take any trades in the old trend direction until TRUE REVERSAL confirmation is made on the 4500 BB and 13500 charts.
(Notice the down peak (red Arrow) prior to the 1st 7 bar zone)
