Yesterday's Power On Close = Strength
Today's Open = Open @ 1158.75 GAP Dn (.25pts)
Result = Early Up trend after Globex Bounce
Today's TREND = Pre 7 bar reversal into Down trend for day
Today's TREND = Pre 7 bar reversal into Down trend for day
Today's 15 Minute Close Bar =UP @ 1165.00
Today's Power On Close = Weakness
Today's Power On Close = Weakness
Daily Volume = 3.6M High Volume
Today's $TICK close = 804
R1 1163(Globex) R2 1164-65 R3 1170-71(WH) R4 1180-82
S1 1149(Globex) S21147-48 S3 1141 S4 1134-37
Daily Market Bias For Tomorrow =
-0.643 Modest/Moderate Bear
Daily's are showing some signs of Weakness. Today ES traded in a bullish range putting in a weak rally on the close but failed to break the 1170 level all day. Price was Quickly rejected and staying around 1160-1168 range. However we did break yesterdays high and closed near the peak on high volume.. Could this be Selling at the top? The Daily Cycle is set to print a Support level so there may be retest of 1170 over the next few days but we may first see a retest of the weekly Close around 1152 ish. A break below 1147-48 may be a key to more selling pressure. Note the 40,500 is also being reject at Resistance with probars at the peaks.
The ES.D Volume Profile has printed a fairly symmetrical day in balance above yesterday value but with a slight tail put in on the test of the lows early. The ES printed a P-pattern signalling potential long liquidation and long term Sellers waiting in the wing. The globex is reflecting the same action. I'm expecting some early testing of the 1160-1165 again. If Not then early testing of the 1148 area.
TRADE OF THE DAY:
Today was 4500 Bounce on high volume with Divergence at the Cycle Low. This was an overshoot on the 1500 and dirty EOT on the 500. Very Tricky to Qualify this one but a great trade for the nimble. The best entry would was a break above the 4500 probar @ 1153.50 or rest of lows on light volume on the 1500 @ 1150.75. Price rallied for 30 minutes to 1163-65 before signs of stalling appeared. There were also some great C-Trades during the rally. (see 500 tick)
WHAT I DONE BETTER:
TRADE SELECTION - Much Better I had a Good B ( BB Mid test and Bar Beak) and AA (15/5 sync) Qualifying Sequences helps tremendously.
ENTRY'S -Much better, good to qualify entries.
EXITS - Pretty good but could be better.
NERVES - Much Much Much Better. Qualifying Sequences is key.
WHAT I CAN DO BETTER:
Recognized the Heavy signs of Stalling (ie. 4500 Probars at Peaks& Lows) If i had of acted on these early i could have exited and reversed for a huge profit. But NO regrets as there was NO qualifying criteria for entry
SOLUTIONS:
Be very Alert for Heavy signs of Stalling. (ie.4500 Probars at peaks/Lows)
Trust my trades and have confidence in my ability.
Keep with the visualizations and focus.
ENTRY'S -Much better, good to qualify entries.
EXITS - Pretty good but could be better.
NERVES - Much Much Much Better. Qualifying Sequences is key.
WHAT I CAN DO BETTER:
Recognized the Heavy signs of Stalling (ie. 4500 Probars at Peaks& Lows) If i had of acted on these early i could have exited and reversed for a huge profit. But NO regrets as there was NO qualifying criteria for entry
SOLUTIONS:
Be very Alert for Heavy signs of Stalling. (ie.4500 Probars at peaks/Lows)
Trust my trades and have confidence in my ability.
Keep with the visualizations and focus.
INTANGIBLE OBSERVATIONS:
Use Cheat Entry's more often, wait for price to touch my entry then place limit to enter on the rebound for a better price. It all adds up.
Focus on Qualifying Setups to remove anxiety.
If i feel Anxiety while qualifying a setup PASS ON IT!!
I should feel confident and EXCITED about the setup and entry.
When I am deep into profit (3+pts) and i notice a reversal it may be better to use a market order to Bail quickly as opposed to chasing with an Limit. The Limits are great but for bailing you may lose some pts while trying to get filled.
When reading the tape be aware of how much TIME price may spend at certain price!! When price spend very little time at a price it may be a rejection (ie. if price comes down to your support and then flickers away in milliseconds) this may be a sign of rejection, usually it will test a few more times before actually reversing but you should look to exit asap at these situations. Other times price will creep to your Support pause and then bounce away only to return and spend a little more time at that price, this is clue that more selling or a break out is in the works.
Focus on Qualifying Setups to remove anxiety.
If i feel Anxiety while qualifying a setup PASS ON IT!!
I should feel confident and EXCITED about the setup and entry.
When I am deep into profit (3+pts) and i notice a reversal it may be better to use a market order to Bail quickly as opposed to chasing with an Limit. The Limits are great but for bailing you may lose some pts while trying to get filled.
When reading the tape be aware of how much TIME price may spend at certain price!! When price spend very little time at a price it may be a rejection (ie. if price comes down to your support and then flickers away in milliseconds) this may be a sign of rejection, usually it will test a few more times before actually reversing but you should look to exit asap at these situations. Other times price will creep to your Support pause and then bounce away only to return and spend a little more time at that price, this is clue that more selling or a break out is in the works.