Yesterday's Power On Close = Weakness
Today's Open = Open @ 1123.75 GAP Dn(20.pts)
Result = Early UP Trend / 7 Bar Reversal
Today's TREND = Early UP Trend / 7 Bar Reversal
Today's 15 Minute Close Bar =UP @ 1123.75
Today's Power On Close = Strength
Daily Volume = 3.5M High Volume
Today's $TICK close = -166
Daily Market Bias For Tomorrow =
0.786 Moderate Bull
Daily's are showing some signs of Strength after gaping down 20+ pt and drifting down for the day On high volume. We are at Cycle Support on the ES.D Daily and a minor Reversal could be on the horizon. Strength has appeared on the both time and ticks, the 40500 has printed an EOT as well as the 15 minute and 4500 tick chart, this is rare and i cant say I've seen this very often But these are significant coming into next week. The 13500 is in a PB cycle headed toward an EOT as well. However this may not play out until mid week. For Monday Aug 22 I'll Be looking for signs of Downside slowing and testing, If the Globex session remains within the 1122 - 1111 range I'll be on the long side waiting for early Reversal signs and bounces off lows. Conversely If we test the 1131-1134 levels early I'll be looking for shorts and Downtrend Continuation Re-entry's off the 500 tick.
TRADE OF THE DAY:
The TOD was a pullback on the 1500 tick that printed a single Probar and Reversed on an Overshoot @ 1136.50 -1138 the clue was the 500 tick that showed probars leading into the lows, but the best entry may have been the Retest of this area @1139. The break of the Rambo and amature bar along with Bullish divergence sparked a rally that gave the 1st sell signal with probar and Exhaustion @ 1145. Price Pullback to 1142 before topping @ 1154.
WHAT I COULD HAVE DONE BETTER:
Was be quicker on the entry, I hesitated too many times as the cycles seemed to be off today, when they did sync there were no probars and ALL overshoots.
SOLUTION: On Days like this were we start off rangy with off or weak signals, SIMPLY WAIT!! The good trades will show up eventually, this is part of the discipline.
SOLUTION: On Days like this were we start off rangy with off or weak signals, SIMPLY WAIT!! The good trades will show up eventually, this is part of the discipline.
INTANGIBLE OBSERVATIONS:
Stay Focused on price volume when in a trade - The key is to look for clues to exit or stay the position. Be sure to check the bars also for probars and chart signals.
STOPPING OUT - Drag limits to break points for cheaper stops.
Also when the trade keeps testing your entry without breaking into your favor, this is usually a bad entry. Its Best to exit and wait!
When entering think about the timing.. Is the 500 tick in your direction now? If Not be ready for some Heat. If by the 2nd 500 cycle price is not moved in my favor, EXIT, WIN ,LOSE OR DRAW.
The BB mid line should ONLY be used as a reference, Don't take trades off this unless it syncs with a PB. THIS IS A REVERSAL CLUE ONLY when BB Goes Flat and other Reversal criteria is met.
STOPPING OUT - Drag limits to break points for cheaper stops.
Also when the trade keeps testing your entry without breaking into your favor, this is usually a bad entry. Its Best to exit and wait!
When entering think about the timing.. Is the 500 tick in your direction now? If Not be ready for some Heat. If by the 2nd 500 cycle price is not moved in my favor, EXIT, WIN ,LOSE OR DRAW.
The BB mid line should ONLY be used as a reference, Don't take trades off this unless it syncs with a PB. THIS IS A REVERSAL CLUE ONLY when BB Goes Flat and other Reversal criteria is met.