1pt Choppy Open + 0 Market Bias + Hm Sales News = Consolidation & Breakout?

Yesterday's Power On Close = Weakness

Today's Open = Open @ 1197.00 GAP Up (0-1pts)
Result = Choppy Consolidated Open

Today's TREND = Choppy Consolidated Open.

Today's 15 Minute Close Bar =UP @ 1156.00
Today's Power On Close = Weakness

Daily Volume = 3.29M Volume

Today's $TICK close = -533

R1 1157.(Globex) R2 1159 R3 1173 R4 1186-1190

S1 1145.(Globex) S21140.5-1138 S3 1135 S4 1128

Daily Market Bias For Tomorrow =  

0.5 Modest Bear

Daily's are showing some signs of Weaksness. The ES closed Down on Huge wide spread bars on the close a 2.94% drop. This was a reaction to the Feds Plan to fix the US economy. We printed a cycle resistance across the boards and are facing support @ 1150. The Volume was somewhat high But not excessive for such a move so there is probably more supply at lower prices. Not sure where we go from hear but this could resume for the remainder of the weak. However Professional may see this as a great wholesale buying opportunity as much of the floating supply was probably taken out on the close. But that remains to be seen.

A note on the weekly chart. We are in a corrective type trend channel and todays sell off did NOT touch the lower portion. A test of these lows must be in the cards. below 1139-1134 is the break of this channel. There is Exhaustion in the Background and Volume is very light on the week so far. I would not be surprised to see a bounce here with more consolidation into next week.

The ES.D & ES Volume Profile has printed a very wide range p-pattern profile with Value peaking from 1190 on ES.D and 1199 on the ES. This Signal long term seller liquidating at the highs prior to the massive mark down on the close. Im looking for any signs of weakness over night.

TRADE OF THE DAY:

The TOD was actually a Double top at Resistance, The 1st top had Flush signal and 2nd top had divergence. But due to the Choppy open this was difficult to gauge as there appeared to be Strength in the background where the EOT printed.

13,500 view of choppy open, Will have to look for breakouts in the later morning next time.

The other TOD was a C trade that had pro bars only on the 500 tick. Following a large sell off formed a cycle at Resistance on all ticks and was at the 7zone Time Interval. Good for 4-5 points.m

WHAT I DONE BETTER:

TRADE SELECTION - Poor I had 2 Unqualified entry and the Ice breaker should be unqualified on Choppy Consolidated opens, Usually on Big News Days the market will chop around for a while before breaking out.


ENTRY'S -Poor on 2nd trade.
EXITS - Very Poor. I held for Max Loss on a Unqualified Trade.
NERVES - Very Good, better than ever actually, maybe too relaxed I was committed to holding for max. 


WHAT I CAN DO BETTER:
Manage the trades better be more alert, I ignored obvious heat marker on a poor Unqualified trade. 
I could have taken profits when the market showed signs of slowing I married the position.


SOLUTIONS:
Be aware of the type of open and follow the rules and game plan for that type of day. On consolidation days Avoid All ice Breakers and look for break outs only. Consolidation Open require extremem patients.
Dont Marry a position on Bravodo to show that you can hold on, PAY ATTENTION TO THE FACTS. What is the market telling at this moment?? This is why I held my ice breaker too long and didnt exit my unqualified loser at the heat marker. Prove that you can read the market for exits and most importantly ACT ON THE FACTS! Today i saw the facts but chose to gamble by ingnoring them.
This is the key to managing a trade and maximizing exits.

INTANGIBLE OBSERVATIONS:

Watch the Choppy 1 pt opens!!. . When we get the choppy opens AVOID Ice Breakers and look for Break outs of consolidation only. 
consider taking 1/2 max profits off the table when you get the opportunity and the market confirms.