Yesterday's Power On Close = Weakness
Today's Open = Open @ 1312.25 GAP Down(6 pt)
Result = Bull Range till 10 bar
Today's TREND = Bull Range Till 10 bar
Today's 15 Minute Close Bar =Down @ 1318.50
Today's Power On Close = Strength
Daily Volume = 2.8M high Volume
Today's $TICK close = 12
Daily Market Bias For Tomorrow =
+0.857 Moderate/STRONG Bull
Daily Weakness played out in last Nights Globex Session, Never touching those lows again. This may be a sign of Strength for the short term as price closes on the 1310 level tommorrow will be interesting to see how the market response to Bernake's Words. Ill be looking for the early trend to ride any spikes.
TRADE OF THE DAY:
There was a few good trades if we made the adjustment to potential Range. I moved my targets to 2pts and looked to re-enter at the same price. This proved to be very effective as price traded in a range for the most part till the 7bar. The best entry's came on 1500 and 500 tick syncs @ 1314-1316. Shorts here provided 2.5-3pt moves on multiple occasions. My Bias was fairly strong Bear so shorts were the play. Also Note the Distribution Pattern Forming on the 4500 Tick with price being rejected at 1317 Cycle Resistance. This may be the calm before a retest of Globex Lows of 1295.25
WHAT I COULD HAVE DONE BETTER:
I Could have Identified the Day type on the open i bit better, i played it as an ultra wide gap resetting my target to 2, but this paid off as price traded in a range most of the day. The day was actually a 6pt gap day and my targets could have been normal.
SOLUTION:
On the Pre-Open measure were price opens at and go from there, do this as soon as possible. The Day Type is very important.
INTANGIBLE OBSERVATIONS:
Knowing the Day type is crucial for decision making.
Price usually retest extremes so if you miss an exit be ready to act on the very next return. Waiting too long could cost in the end.
Price usually retest extremes so if you miss an exit be ready to act on the very next return. Waiting too long could cost in the end.