Yesterday's Power On Close = Weakness
Today's Open = Open @ 1159.50 GAP Dn(30.pts)
Result = Early Down Trend
Today's TREND = Early Dn Trend
Today's 15 Minute Close Bar =UP @ 1144.00
Today's Power On Close = Weakness
Daily Volume = 3.79M High Volume
Today's $TICK close = -620
Daily Market Bias For Tomorrow =
- 0.357RANGE
Daily's are showing some signs of Strength after gaping down 30+ pt and drifting down for the day On high volume and closing on the lows, we bottomed at 1127. The ES.D is approaching an old support cycle and the 135 minute ES.D is approaching a new support cycle. We also have a Profit Taking signal on @ES.D as well. However we still don't have any divergence to confirm the Exhaustion signal from the last spike, indicating more bottom testing potential. Volume Profile formed a b-pattern finding Value @ 1142 level, this is fairly bullish so we have mixed signals. But a break below 1127 could see testing at 1100. Conversely Price Rejection at this level early may be the start of a short term correction.
TRADE OF THE DAY:
The TOD was a 500 Tick Reentry prior to 7:00 am News Release. The trend was Obvious starting on yesterdays close, thru Globex and developing all morning. We had a PB in Trend on the 1500 tick with Probars and Exhaustion that synced with a 500 Cycle Resistance and a BB Midline re-cross. The best entry here was @ 1154 -1153. Another entry appeared in the same area @ 1152 to 1151 as the 500 tick formed a PB in trend just prior to the release. The Price destruction was 20+ point over the next 10 minutes bottoming at 1131.
WHAT I DONE BETTER:
I Was more patient and was able to see a larger view, this help me take advantage of the situation
I was able to catch a Re-Entry after I.Ding the trend and how the News Works.
I was able to catch a Re-Entry after I.Ding the trend and how the News Works.
I did miss the first Re-entry in the Obvious Trend because i bit Hesitated.
INTANGIBLE OBSERVATIONS:
REMEMBER On News Releases that justify a rally or Sell off, don't fall for ANY PRICE SWINGS AGAINST THE TREND!!. This is typical prior to returning to the current trend and usually with Conviction.
The BEST re-entry after obvious Trend Break is the first 500 Cycle.
After the Initial Hard Rally/Sell off use the 500 tick to catch the retest after the bounce.
When trading News Releases try to enter just prior to the release, stay within that minute leading to 7:00am or sooner, This will usually get the break in the trend direction for quick Limits.
The BEST re-entry after obvious Trend Break is the first 500 Cycle.
After the Initial Hard Rally/Sell off use the 500 tick to catch the retest after the bounce.
When trading News Releases try to enter just prior to the release, stay within that minute leading to 7:00am or sooner, This will usually get the break in the trend direction for quick Limits.