Yesterday's Power On Close = Strength
Today's Open = Open @ 1177.0 GAP Dn(9.25.pts)
Result = NARROW Range Bullish
Today's TREND = NARROW Range Bullish
Today's 15 Minute Close Bar =UP @ 1196.50
Today's Power On Close = Weakness
Daily Volume = 1.98M Below Ave Low Volume
Today's $TICK close = 972
Daily Market Bias For Tomorrow =
.143 STRONG / MODERATE BULL
Daily's are showing some signs of Weakness, although we closed above the cycle support that became resistance, it was not at all convincing as we had a narrow range day, up close on below average volume after a Morning star Doji Day. Something is Fishy?? If price bounce in the pre - open or Open after testing the 1193.50 level then the long bias could be in play, also a break above the 1198.25 level would signal more upside potential as we had another narrow range profile bit with lower volume. Conversly we could see prices retest the 1191, 1184, 1176 or possibly 1166.75 Virgin Points of Control. If we get an early rejection of price at the 1198 we could be headed back to the lows.
TRADE OF THE DAY:
The TOD was an Open Ice Break type trade, that took advantage of Globex and Pre-open Momentum. (not an actual Open Ice). But the trade was a breakout and slight pullback above the 1187 level essentially a simple breakout trade. The reason for this was because the Volume Profile, the Weekly and Daily pointed to a potential break above this price. We had a narrow spread Wide Profile bar that did not really test the lows early and the price 1187 was broken just as the market opened so I waited for any pull back to enter around that price. My Entry was Long 1187.50 the move ran to 1191.75 for a 1 shot 1 kill. The move had more to go with an inevitable target of 1193 and 1198. Price did see the 1197 by the 7 bar.
(Volume Profile does not test the previous days POC in Globex or on the Open on @ES.D contract)
WHAT I DONE BETTER:
Was Close out the 1 shot 1 kill !! The Volatility was destine to slow down at some point and a 4pt trade should never be lost.
INTANGIBLE OBSERVATIONS:
REMEMBER When we get a profile like the one above take trades in the attempted direction. A narrow range wide squat profile is a STRONG indication of a breakout attempt. If the Globex and Pre- open never test the POC from a Wide squat day look for the break out in the attempted direction.
Confirm with BB Midline.
