Yesterday's Power On Close = Strength
Today's Open = Open @ 1301 GAP Dn(13 pts)
Result = Up Trend
Today's TREND = Up Trend
Today's 15 Minute Close Bar =Down @ 1292.50
Today's Power On Close = Strength
Daily Volume = 3.3M High Volume
Today's $TICK close = -564
Daily Market Bias For Tomorrow =
1.357 MODERATE Bull
Daily's are showing Signs of short term Strength with the ES printing a Profit Taking Bar on very High Volume. The 40500 has printed a PB in trend so test of the lows should bring an EOT on that time frame. However we still have some selling Cycles to get thru. Goin into next week im expecting some test of lows then a possible rally later in the week or day.
TRADE OF THE DAY:
The TOD came early on a 1500 Cycle with 500 overshoot. We had an EOT on the 4500 tick and prices struggled on the low, our BB tightening with bullish divergence in the background. We also had bullish Exhaustion with a probar stepping in @1278. The best entry here was at 1280 confirmation of the wide spread down bar close on the low. This trade maxed out at 1289 with its 1st probar and Exhaustion signal. However this probar showed up on the right side on the 500 tick indicating more upside potential, as price eventually traded higher.
WHAT I HAVE DONE BETTER:
Traded very well today I hesitated 1 time but stayed patient for solid reentry.
Took full advantage of BB 1/2 line break on the 4500
INTANGIBLE OBSERVATIONS:
REMEMBER that strong moves are still in play until we see professionals stepping in on the high/lows.
Also note That when we get probars on the right side of the uptrend peak, they cannot be trusted!!. This is buying and signals an eventual continuation of the rally.
