Yesterday's Power On Close = Weakness
Today's Open = Open @ 1126.50 GAP Up (30pts)
Result = Open Bounce & early reversal into down trend
Result = Open Bounce & early reversal into down trend
Today's TREND = Open Bounce & early reversal into down trend.
Today's 15 Minute Close Bar =UP @ 1124.75
Today's Power On Close = Strength
Today's Power On Close = Strength
Daily Volume = 4.73M Ultra High Volume
Today's $TICK close = -545
R1 1130.25.(Globex) R2 1140 R3 1148 R4 1157
S1 1127.5(Globex) S2 1123. S3 1106.75 S4
Daily Market Bias For Tomorrow =
1.643 Stronge Bull
Daily's are showing some signs of Strength. The ES closed Down after a steady down trend and with major volatility largely due to the G20 Meeting and the negative economic outlook in europe and the US. We broke through the Trend channel low on Ultra high volume and a wide spread down bar closing off the lows. There appeared to be a wave of interest at the 1100 level where pro bars and Profit taking bars printed. On the ES.D we printed a long leg doji with ST* signaling a huge gap down on high volume and a close off the lows. The 135 Printed Exhaustion and a wide spread up bar. The 13500 printed an EOT at the spike low on high volume. All these are signs of strength that cant be ignored. The test is 1140, a break above today's high could be the start of corrective phase.
The ES.D & Volume Profile has printed a very wide range symetrical Profile which could indicate the potential for another break out day. The POC was 1123.50
TRADE OF THE DAY:
The TOD was actually a Double top at Resistance, The 1st top had Flush signal and 2nd top had divergence. Yes the same set up as yesterday! This time there was multiple probars pushing thru support on the 4500 and double top low. a good example of Falling Thru the Ice Break out. An entry at 1128 took little heat and provided a solid 10pts @ 1118 before rallying back to the entry and again returning to lower lows.
13,500 view of double top with NoD on 2nd top
13,500 view of double top with NoD on 2nd top
WHAT I DONE BETTER:
TRADE SELECTION - Not bad but could be better. had an early unqualified entry that was impulsive
ENTRY'S - Just ok some good some Poor
EXITS - Poor. I held for Max Loss on a Unqualified Trade.
NERVES - Very Good, becoming less of an issue.
Market Focus & Action: I did take action based on market information after recognizing some unforced errors.
WHAT I CAN DO BETTER:
Manage the trades better be more alert, I exited too quickly on my open ice that hit max target.
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 extreme patients.
Don't 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 didn't 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 ignoring them.
This is the key to managing a trade and maximizing exits.
ENTRY'S - Just ok some good some Poor
EXITS - Poor. I held for Max Loss on a Unqualified Trade.
NERVES - Very Good, becoming less of an issue.
Market Focus & Action: I did take action based on market information after recognizing some unforced errors.
WHAT I CAN DO BETTER:
Manage the trades better be more alert, I exited too quickly on my open ice that hit max target.
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 extreme patients.
Don't 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 didn't 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 ignoring them.
This is the key to managing a trade and maximizing exits.
INTANGIBLE OBSERVATIONS:
Take PB and Eot's on the 4500 and 1500 tick. Dont wait for BB mid violation. especially after rallies and sell offs.
DON'T FORGET VSA Concepts come before Indicators. The BB's are great for major reversals, but be sure they have sound VSA logic behind them. The lagging Mid can cause very late entries on solid vsa trades.
B Reversals can be misleading in choppy highy volatile markets that see the mid get violated multiple times. In these case go to the 13,500 and 4500 and play the probars at critical S/R areas.
True Reversals come after hard rally's and Sell offs and will show multiple Exhaustion signals in the back ground on the 4500 and 1500 and 5 minute.
Document the Falling Thru the Ice Trade
Watch the Choppy 1 pt opens!!. . When we get the choppy opens AVOID Ice
DON'T FORGET VSA Concepts come before Indicators. The BB's are great for major reversals, but be sure they have sound VSA logic behind them. The lagging Mid can cause very late entries on solid vsa trades.
B Reversals can be misleading in choppy highy volatile markets that see the mid get violated multiple times. In these case go to the 13,500 and 4500 and play the probars at critical S/R areas.
True Reversals come after hard rally's and Sell offs and will show multiple Exhaustion signals in the back ground on the 4500 and 1500 and 5 minute.
Document the Falling Thru the Ice Trade
Watch the Choppy 1 pt opens!!. . When we get the choppy opens AVOID Ice