Yesterday's Power On Close = Weakness
Today's Open = Open @ 1135 GAP Dn(24 pts)
Result = Gap Test of lows to UP Trend
Today's TREND = Gap Test of lows to UP Trend
Today's 15 Minute Close Bar =Down @ 1111.75
Today's Power On Close = Strength
Daily Volume = 6.2M ULTRA High Volume
Today's $TICK close = 707
Daily Market Bias For Tomorrow =
1.643 STRONG / ULTRA STRONG BULL
Daily's are showing Signs of short term strength with Reversal pattern. We could see another mid week rally prior to more testing, im Not convince that the supply has been taken out as the Lows were testing in the Globex session with Professionals taking advantage of discounts prices, although we did test the 1097 lows midday. Where is the VALUE? A break above 1172 then 1193 could mean 1250? The 40500 and the 135 have cycle resistance on the horizon and the 40500 also has shown Bearish Exhuastion with probars and Rambos at the highs. The 135 has multiple Amature bars on its close. We have to wait and see.
TRADE OF THE DAY:
The TOD was a 1 shot 1 kill trade at the opening top where we saw resistance on the 13500 and 4500 as well as an EOT on the 1 minute. Price slammed well beyond the target to 1117. This is typical in the current environment. The key is to NOT get Greedy, the whipsaw can stop you out as fast as it can limit your target.
4500 & 1500 ticks
WHAT I DONE BETTER:
Was adjust to the changing trends. In this market the trend can change very quickly, Waiting for BB midline cross and test is a good confirmation, but this can happen in seconds.
INTANGIBLE OBSERVATIONS:
REMEMBER that when placing a target based on the POC use the closest level (ie. if Long that would be the Lower Gap)