Yesterday's Power On Close = Strength
Today's Open = Open @ 1328.75 GAP Dn(12.25 pts)
Result = Early Up trend / Midday Reversal
Today's TREND = Up Trend / Midday Reversal
Today's 15 Minute Close Bar =Down @ 1333.25
Today's Power On Close = Strength
Daily Volume = 1.63M Volume
Today's $TICK close = -617
Daily Market Bias For Tomorrow =
1.214 MODERATE/ STRONG BULL
Daily's are showing Signs of short term Weakness as price was reject at the Daily Resistance on low volume from the last few weeks, However we appear to be hanging around just below this area which may suggest another attemp. Today there was NO news to push the market thru this point but tommarrow the New Home Sales and Consumer Confidence Number could be the catalyst.
TRADE OF THE DAY:
The TOD came off the 4500 tick chart with a pro bar closing on the low at support, the 1500 was amiss and the 500 tick was overshot so the Cycle Syncs did not catch this move. However the Probars on the 1500 tick and 500 at the lows provided the best entry's. From 1327.75 -1330 were entry's that Broke probars confirming more Up trending action. 1330 were the safest entry also being confirmed by the 4500 BB 1/2 support test and hold. The break from the point moved 6.5 pts the to the 6:30 peak.
WHAT I COULD HAVE DONE BETTER:
Bad FOCUS!!
Entering too early without clear direction
Entry's were NOT good, Exits was worse
The same large Gap days posing problems again - The reason is because i enter too early on these days and the direction has NOT not been define, i get caught on probing moves too often.
SOLUTION:
Really focus on the overall morning trend and DONT ENTER UNTIL i get sure signs and clues of the directional Bias for the morning to the 7 bar.
Look for the BB 1/2 Line breaks and confirmation, and only trade off the 4500.
The Cycle Sunc were totally Off today but Probars at support would have guided the direction early
INTANGIBLE OBSERVATIONS:
On ultra large Gaps DONT TRADE EARLY!!!, Wait until we get a solid understanding of direction, too many times price trades in a undefined range before moving slowly in one direction.
Wait for BB 1/2 line Breaks and confirmations
Focus on 4500 action only until I get a directional bias.