Yesterday's Power On Close = Weakness
Today's Open = Open @ 1312.25 GAP UP(5 pts)
Result = Early Reversal bar HARD sell off.
Today's TREND = Early Reversal bar sell off.
Today's 15 Minute Close Bar =Down @ 1314.50
Today's Power On Close = Weakness
Daily Volume = 2.87M high Volume
Today's $TICK close = 228
Daily Market Bias For Tomorrow =
-0.786 Moderate Bear
Daily's are showing Still with closes above the 1300 support and Top Down Trend Channel. However We closed friday with Weakness across the boards as the current short term daily downtrend still holds. We need to see heavy volume push prices below the 1300 level before we can get a real continuation. In the meantime we may still get bounces as i expect a bit more consolidation and possibly another attempt at 1330. A break above 1314 could be the catalyst.
TRADE OF THE DAY:
The came on an early reversal after price gapped open 5 pts, then rested this high that was on High Stopping Volume on Light Volume (NoD) on 4500tick and 500tick. This was also a Double top EOT on the 1500 with divergence across the boards. A Triple Sync. The Best entry's were short around 1312-1312.75. These levels were retested once more prior to selling off 9 points over the next 30 minutes.
WHAT I COULD HAVE DONE BETTER:
Bad Open Ice trade, COULD HAVE CUT LOSS FASTER and Waited.
Late to the Open and rushed the Ice breaker without checking pre-open.
I had a hard time reacting to Exit signals this week. I will focus on Reacting to EXIT signals and market indications.
This was a Tough week for me.
I had a hard time reacting to Exit signals this week. I will focus on Reacting to EXIT signals and market indications.
This was a Tough week for me.
SOLUTION:
Focus on the first Extreme when the Day type signals early reversal.
Stop taking trades prior to the OPEN ICE unless the setup is very obvious!!!!
INTANGIBLE OBSERVATIONS:
When reading the tape, IF volume goes exponential early/near value on a break (ie.1313.25-1313.50) But only bumps up 1-2 ticks this is probably a reversal. If there was buying at that price we would have seen a rally of at least 1-2 points PRIOR to going Exponential as Demand was being created.
Value area
