Yesterday's Power On Close = Weakness
Today's Open = Open @ 1126.25 GAP UP (2pts)
Result = Early Up Trend
Today's TREND = Early UP Trend
Today's 15 Minute Close Bar =UP @ 1158.50
Today's Power On Close = Weakness
Daily Volume = 3.35M High Volume
Today's $TICK close = 1,117
Daily Market Bias For Tomorrow =
-0.214 Moderate RANGE
Daily's are showing some Signs of Weakness after rallying on High Volume Failing to crack the lower Gap area at 1160-1174. The 40500 has probars at the Peak and the 135 has already begun to turn after a wide spread probar at the peak followed by no a demand bar. We also have Eot's on the 13500 with Divergence and 4500 tick with Exhaustion Buying and Blocks on the close and peaks.
The Volume Profile formed a p-pattern prior to the late day rally, signaling potential short covering. The price extension on the close is bullish, but If we get Early Rejection of the 1161 highs I'll be looking for Professional Profit taking and possibly a double top reversal prior to retesting the 1145 POC from todays VALUE area. Conversley If Prices find the 1151-1145 level in Globex or early Open, I'll look for a bounce and possibly consolidation to rule the day. If we break thru with conviction, 500 Re-entry's will be the play.
The Volume Profile formed a p-pattern prior to the late day rally, signaling potential short covering. The price extension on the close is bullish, but If we get Early Rejection of the 1161 highs I'll be looking for Professional Profit taking and possibly a double top reversal prior to retesting the 1145 POC from todays VALUE area. Conversley If Prices find the 1151-1145 level in Globex or early Open, I'll look for a bounce and possibly consolidation to rule the day. If we break thru with conviction, 500 Re-entry's will be the play.
TRADE OF THE DAY:
The TOD was an 1S1K opportunity on the Open Ice Breaker, After a 2 pt gap up and strong Downtrend Globex Momentum pushed prices lower from the 1126 open finding a low @1120.50 before reversing. Another Great TOD was a 15/5 sync Overshoot (was tricky) @ 1127-1128 zone, probars stepping in this area just after the Home Sales numbers pushing prices to the 1136 zone where we got our 1st sale signal with Exhaustion.
WHAT I COULD HAVE DONE BETTER:
Was trust my analysis, Had great entry's But did not Max out opportunities.
Missed a few Opportunities, including a 1S1K on the Open Ice Breaker. I traded the move ok, but could have been more focused on Supply/Demand.
Also had other Excellent Entries and Bailed too early both just prior to anticipated breakouts.
Im losing focus on the Concept of the sequence and the reason for entering, it is often for a 4 pt move. This is factored into why im entering so allow it play thru and have a solid reason for bailing.
Missed a few Opportunities, including a 1S1K on the Open Ice Breaker. I traded the move ok, but could have been more focused on Supply/Demand.
Also had other Excellent Entries and Bailed too early both just prior to anticipated breakouts.
Im losing focus on the Concept of the sequence and the reason for entering, it is often for a 4 pt move. This is factored into why im entering so allow it play thru and have a solid reason for bailing.
INTANGIBLE OBSERVATIONS:
Remember that the best opportunities are early so it is very important that we position ourselves for the 7 bar.
Imagine where Price will end up at the 7 Bar.
Imagine where Price will end up at the 7 Bar.