Yesterday's Power On Close = Weakness
Today's Open = Open @ 1312.25 GAP DN(8.5 pts)
Result = Sell off Early then Reversal.
Today's TREND = Early Sell off then Reversal.
Today's 15 Minute Close Bar =Down @ 1300.25
Today's Power On Close = Weakness
Daily Volume = 2.17M high Volume
Today's $TICK close = -521
Daily Market Bias For Tomorrow =
-0.286 Moderate Range
Daily's are showing Signs of Strength after todays close with Block Volume off the lows after. Im expecting more consolidation.
TRADE OF THE DAY:
The came After testing the Pre-Open high. We saw a 4500 Cycle turn with Exhuastion at the cycle top on the 1500 tick (with NO Probars) and an overshoot on the 500 with probars and Bearish Divergence at the 1308 area. The Best Entry was between 1306-1308 where we saw multiple opportunities to enter short. Trade ran to a low of 1296.00 over the next 30 minutes breaking the 1300 level with conviction.
WHAT I COULD HAVE DONE BETTER:
Was time my exits better and take the 2pt profits.
I need to be more aware of the simple Clues, i missed some obvious entry and exit points and generally seemed off, a continuation of last weeks.
I bucked my bias a few times that matched the 4500 trend early. This cost me the day in the end.
SOLUTION:
Focus on the first Extreme when the Day type signals early reversal.
Really focus on the EXITS and the 4500 trend direction.
ASK YOURSLF WHAT IS THE PUBLIC DOING?
INTANGIBLE OBSERVATIONS:
WRecently i havent seen alote of probars at the peaks on the higher frames 4500 and 1500 but the cycle synch, BB and Exhaustion signals are the clues to follow, also look for 500 tick probars in the same area. These have been the expolsive moves lately.