Yesterday's Power On Close = Weakness
Today's Open = Open @ 1301 GAP Dn(15.25 pts)
Result = Choppy Bearish Range
Today's TREND = Choppy Bearish Range Drifter
Today's 15 Minute Close Bar =Down @ 1239.00
Today's Power On Close = Strength
Daily Volume = 3.8M High Volume
Today's $TICK close = 182
Daily Market Bias For Tomorrow =
.50 MODEST BULL
Daily's are showing Signs of short term Strength as the ES Ranged another 20 + points today closing on the highs after a steep sell off printing a Stopping Volume after a an Exhaustion day. Because of such high volume 3.8 M contract traded there has to be ample Supply remaining that needs to be tested and/or absorbed prior to any solid uptrend or sustained rally.
TRADE OF THE DAY:
The TOD was very elusive as the Range has been soo wide ok entry's are taking massive heat very fast. (ie. the Open Ice Breaker traded 5 pts max, but NOt before moving away 5 pts that would have stopped a position. Typically you dont trade Ice Breaker on Ultra wide Gaps.
WHAT I COULD HAVE DONE BETTER:
Be Very Selective and WAIT for cycles to show themselves.
I was IMPLUSIVE on more than 1 trade because of the new Very High Volitility.
The Ranges have been SOOO Wide im taking alote of heat very quickly
The Solution would be to be very selective and try to Nail entry's. Every late point works against me when the range is great.
My Exits have been very poor, Not taking quality profits,
The current market is very eratic, spend as little time as possible in positions.
INTANGIBLE OBSERVATIONS:
REMEMBER that when I struggle and get confused, just take small profits, (ie. If i start off Negative on 1 or more trades a great remedy is to take small profits) that will boost confidence and get things back on track. also look at quitting.
The wide range causes many Overshoots, So be very careful to WAIT for probars on the 1500 & 4500 as well as the 13500.
On Very high Volitilty Days it may nbe best to Trade After the 8 hour, when things slow down a bit.