12 pt gap up + Gap Seal = Double Bottom Daily Trend bounce

Yesterday's Power On Close = Strength

Today's Open = Open @ 1237.75 GAP Up (12. pts)

Open to 7z Results = Gap Seal double bottom to uptrend  

Today's TREND = Gap Seal double bottom to uptrend 

Today's 15 Minute Close Bar =Dn (Profit Taking) @ 1238.0
Today's Power On Close = Strength

Daily Volume = 2.69M Avg Volume

Today's $TICK close = 483

R1 1230 R2 1235-36 R3 1238  R4 1245-48

S1 1222-1219(Globex) S2 1212  S3 1208   S4 1192

Daily Market Bias For Tomorrow =  

-0.643 Moderate Bear

Daily's are showing some signs of Strength. 
Daily TREND = UP

1. The ES closed Up back above 1230 Support. 
2. Bounce off the Trend line for Oct. 
3. Daily The Down tick on high volume could suggest strength appearing and these levels. 
4. The 15 Minute bar closed on a High volume Profit taking bars closing in the middle above New Resistance.
5. Dow closed Up on increasing volume bounce off trend line. 

No surprise to see similar action as today with strength exhausting in the globex or pre-open to put in lows prior to reversing into trend.

The ES.D Profile printed 2 value areas closing at the HVL, This could suggest a test of the recent highs.

TRADE OF THE DAY:

The TOD was an Open Ice Fade 

1. The sequence of information leading to the trade was. Mushroom Top leading into yestarday Close.
2. Test into NEW Highs in the globex and subsequent selloff down thru PB Cycle Support and into prior days support. 
3. Block Bar closing on the lows. Next Bar Breaking thru Block Lows.

Open Ice Entry @ 1239 would trade down to 1226 before stalling.
Tick View of the Ice Fade, Notice the prior days Close showed strength that played out in the after market moving to NEW highs peaking on the Actual Open.

13,500 View of the Ice Ice fade. Waves of strength and weakness must be viewed as continuos as we see here that the close Strength playout in the globex and Weakness was set in by the open.

HOW I DID TODAY:

TRADE SELECTION - N/A Testing
ENTRY'S - N/A Testing
EXITS - N/A Testing
Self Talk/Mind Chatter: N/A
Market Focus & Action: N/A


WHAT I CAN DO BETTER:
Be thorough with Ranked Criteria. The TOD was a rare trade that i passed on even though I like the odds. In staying discipline to my rules I pass due to uncertainty of all the criteria for entry. Particularly the Block volume instead of the probars at the mid. This will get worked out as i get used to the  new block settings.


Trade Selection and Judgment- Don't trade against Strength/Weakness, Determine this first then move on to trend and Qualifying Sequences.


SOLUTIONS:
Restate and List the Basic Rules - Print the Rank Criteria and hand write them out. Keep reminders of the basic rules and study them as well as the qualifying criteria for each entry. This is play book 101. Respect and Honer the Rules.

INTANGIBLE OBSERVATIONS:

Ice Fade Characteristics - This is MATD variant, we are taking into account the fact that Weakness/Strength was in play on the PRE-OPEN. So the results would likely happen on the open.

1. The Pre Open had Blocks and high volume leading into the Top. 
2. The Top was the Actual High, Needing to break New ground for any profit.
3. There was NoD on the 4500, 1500 TOPS and No Pro bars on the Actual Open. 
4. $TICK printed Exhaustion after Consecutive tight range bars leading to the peak.

Tick View of the Ice Fade, Notice the prior days Close showed strength that played out in the after market moving to NEW highs peaking on the Actual Open.

 13,500 View of the Ice Ice fade. Waves of strength and weakness must be viewed as continuos as we see here that the close Strength playo ut in the globex and Weakness was set in by the open.

Background Strength and Weakness is Consider on the Higher Times Frames ONLY!! -Use the 40,500 13,500 and 4500 tick to determine the Background S/W as well as Tops and Bottom Shapes (ie. Mushroom Tops/Saucer Bottoms) and S& R lines. 


Take Note of the Incoming Waves of Strength and Weakness that show up intraday. Usually the previous days close, Globex and Pre-Open will provide background S&W for the Open. BUT many times there may be a wave of S&W appearing at the Open, 7 zones or even midday during the dead Zone. Keep an eye out for current S&W.  If longer term Strength is supported  by current Strength, then we have odds on favor when a sequence sets up.


Set Liquid Orders  near recent Hi/Low in the direction of the 4500 trend. Note Tops/Bottoms that sync with BB Mid S/R etc.


Dont enter liquid style just because probars print on the 500, they may continue and print another probar at wholesale - Use the $TICK and 3LB to help confirm Turning points.


Manage Stats: Average win/loss ratio, Average Hold Time are the most important for me.