Yesterday's Power On Close = Weakness
Today's Open = Open @ 1308.50 GAP UP(8.25 pts)
Result = Trend Drifter / Immediate Rally on Open .
Today's TREND = Trend Drifter/Ranging
Today's 15 Minute Close Bar =Down @ 1321.50
Today's Power On Close = Weakness
Daily Volume = 2.09M high Volume
Today's $TICK close = 476
Daily Market Bias For Tomorrow =
-0.50 Modest Bear
Daily's are showing Signs weakness as we advance on lighter volume today. Also the 135 has printed a Rambo following 2 NoD's. However we are poised to retest the 1330-1336 level. If we get this attempt overnight then I'll be looking for short opportunities on the open. Conversly if we break above the 1330 level on the early open then, i would expect a run to 1335-1340 area.
TRADE OF THE DAY:
The came late and showed its hand leading up the the 7 bar zone. Prices Peaked at 6:30 bar @ 1625 and Slowly declined over the next hour. The TOD was a very slowly developing Reversal that began around the 1314-1315 zone with probars closing on wide spread up bars, then a series of lower volume bars ensued into the peak. The best entry's were at the 1315-1316 level during 7 bar zones. An entry here provided a profit opportunity of max 5 pts.
15 Minute View Of early signs of Weakness
Tick view of early weakness.
WHAT I COULD HAVE DONE BETTER:
Was Stay with my early premise and trust what i saw.
Be a bit more patient when reversals are setting up, today i entered very early on the inevitable reversal but did not remain with the position after taking 2pts of heat. The trade did break down immediately after the exit.. typical
SOLUTION:
FTry to be patient when we see thing evolving, lately the larger moves have played out sporadically so taking small profits and adjusting targets must be enforced.
INTANGIBLE OBSERVATIONS:
When we get Doji Type Bars on the 7 bars, this is a sign of Reversal, in this case peaks may happen Prior to the 7 bars and failing to retest those highs.
