Yesterday's Power On Close = Strength
Today's Open = Open @ 1151 GAP Dn (14.25pts)
Result = Tight Range Drifter early
Today's TREND = Early Tight Range Drift Up trend
Today's 15 Minute Close Bar =UP @ 1157.25
Today's Power On Close = Weakness
Daily Volume = 1.83M Low Volume
Today's $TICK close = 900
R1 1209, R2 1215, R3 1218, R4 1224
S1 1207(Globex) S2 1194.75, S3 1187.75, S4 1179-80
Daily Market Bias For Tomorrow =
-0.357 Moderate Range
Daily's are showing some signs of Weakness, ES closed up at the top on Low Volume. To the Left we see a previous top @ 1206.75. This top was broken on 15 minute close UP bars indicating potential sellers jumping in or longs taking profits closing @ 1208.25. Price rejection @ the 1209-1210 Highs could signal an early reversal. Conversely if we break through these highs with Confidence we could see a rally to 1215-1224.
The Volume Profile
The Daily ES.D Profile Structure - Up Close, Tightening Narrow Range, Low Volume - Weakness
The ES Globex Structure - Opened out of Balance, Narrow Range, High Volume. - Breakout potential
TRADE OF THE DAY:
Today was a very slow and calm morning especially compared to the past week, many times after a high volatility day we get large Gaps and tight range drifters with low volatility which was the case this morning.
The TOD was a 1500 PB to the tight range low & BB Mid, The 1500 showed Low volume in that area with Bullish divergence. In a solid Up trend this was a very LOW Risk Entry, an entry @ 1193-1194 would have provided minimum heat with a 5pt profit opportunity on a 15 minute hold.
The TOD was a 1500 PB to the tight range low & BB Mid, The 1500 showed Low volume in that area with Bullish divergence. In a solid Up trend this was a very LOW Risk Entry, an entry @ 1193-1194 would have provided minimum heat with a 5pt profit opportunity on a 15 minute hold.
WHAT I COULD HAVE DONE BETTER:
I could have held my BEST Lowest Risk Entry for a longer time to maximize the profit.
I Dont have real regrets as the position was showing sings of weakness and the very slow movement needed to be respected and adjusted too.
WHAT I DID BETTER:
I Respected the day type and could see a tight range drifting day, I took the appropriate measure to lessen targets, ride the current trend as it showed on the 4500 BB.
I did stick to the trend today and stay focused on the action.
And listened to my "Its time to Quite Instincts" at a good time.
No real regrets
I Dont have real regrets as the position was showing sings of weakness and the very slow movement needed to be respected and adjusted too.
WHAT I DID BETTER:
I Respected the day type and could see a tight range drifting day, I took the appropriate measure to lessen targets, ride the current trend as it showed on the 4500 BB.
I did stick to the trend today and stay focused on the action.
And listened to my "Its time to Quite Instincts" at a good time.
No real regrets
INTANGIBLE OBSERVATIONS:
THINK IN TERMS of LOW RISK ENTRY
Today i put on trade that brought something to the forefront of mind as i entered the position. Nothing New Hear But It needs to be reinforced. When entering my best trade of the day i was thinking. "Wow this is a LOW RISK OPPORTUNITY, GO!!!" At this point I was fully aware of the point at which I No longer liked my odds, (ie. Bar break of recent 1500/500 S/R or Cycle break, probar that may show up in the wrong place etc.) Just Placing mental or physical markers can help with EXIT STOPS TREMENDOUSLY and keeps your Risk Reward Ration above 2:1. Using this for stops while keeping natural targets and observing Holding time in the trade can be really effective Trade management techniques that are subtle but effective. No this is not a holy grail but all it takes is the ability to cut losers short and fast and allowing the winners to max out in order show consistent profits.
Listen to your "Its Time To Quite Instincts"
If you cannot hear this after 3-4 trades then the ODDS are Great that you will OverTrade on the day and possibly blow up your account. So listen to that voice in your head that says, thats it. Done for the Day! Win Lose or draw.
Listening to how you feel and acting on it early is professional behavior.
Today i put on trade that brought something to the forefront of mind as i entered the position. Nothing New Hear But It needs to be reinforced. When entering my best trade of the day i was thinking. "Wow this is a LOW RISK OPPORTUNITY, GO!!!" At this point I was fully aware of the point at which I No longer liked my odds, (ie. Bar break of recent 1500/500 S/R or Cycle break, probar that may show up in the wrong place etc.) Just Placing mental or physical markers can help with EXIT STOPS TREMENDOUSLY and keeps your Risk Reward Ration above 2:1. Using this for stops while keeping natural targets and observing Holding time in the trade can be really effective Trade management techniques that are subtle but effective. No this is not a holy grail but all it takes is the ability to cut losers short and fast and allowing the winners to max out in order show consistent profits.
Listen to your "Its Time To Quite Instincts"
If you cannot hear this after 3-4 trades then the ODDS are Great that you will OverTrade on the day and possibly blow up your account. So listen to that voice in your head that says, thats it. Done for the Day! Win Lose or draw.
Listening to how you feel and acting on it early is professional behavior.