Today's Open = Open @ 1225.00 GAP Up (18. pts)
Result = Up Trend
Result = Up Trend
Today's TREND = Horizontal Range.
Today's 15 Minute Close Bar =UP @ 1207.00
Today's Power On Close = Weakness
Today's Power On Close = Weakness
Daily Volume = 2.10M Avg Volume
Today's $TICK close = 737
R1 1241 R2 R3 R4
S1 1236(Globex) S2 1230 S3 1222-1220 S4 1216
Daily Market Bias For Tomorrow =
-786 Moderate Bear
Daily's are showing some signs of Weakness. The ES closed up again after testing the lows midday.We closed at the old top from the morning on an up tick closing near the middle. Volume on the ES.D was below Ave BUT we got a Spike in DJI Volume @ 2.64M the highest since the Sept 4 Low. Spike in the Dow Usually signal Tops and Bottoms. This Divergence in volume and price between the Dow and ES could be a sell signal coming into the week. Also
The ES.D Profile shows a Balance day with price closing at the upper end. The VPOC is 1229.50-1230. An Opening outside of this value area may revert back to balance with conviction. The ES show potential to retest the 1230 VPOC also.
TRADE OF THE DAY:
The TOD was a BB Trend Continuation. The 4500 mid was tested along with a 1500 cycle with Block volume on the down tick.(getting used to new Block Signals, this had No probars at the midline) This was also at the 710 Time Interval for extra strength. The 500 Tick was overshot but had multiple probars and block bars on the lows. The best entry was @ 1227.25 bar break on the 500 tick, from here price ran to 1231 before a pro signal Exit appeared, then continued higher to 1235.75.
HOW I DID TODAY:
TRADE SELECTION - good - took 2 trades both Qualify but the C 500 was high risk as weakness was mounting. and price stayed in the red.
ENTRY'S - Good
EXITS - ok, 1 good exit and 1 cut.
Self Talk/Mind Chatter: Good had focused comentation.
Market Focus & Action: Was very focused and patient. waited for the highest probability trades. No regrets.
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 uncirtainty 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- Dont 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.
ENTRY'S - Good
EXITS - ok, 1 good exit and 1 cut.
Self Talk/Mind Chatter: Good had focused comentation.
Market Focus & Action: Was very focused and patient. waited for the highest probability trades. No regrets.
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 uncirtainty 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- Dont 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:
Conflicting Background and Foreground -If im getting conflicting background and trend information then stay out.
ie. The Background has Strength but we are in a current down trend on the 4500 tick. Stay observant for clues to confirm the larger Background Strength. when they appear these are good opportunities. Other wise stay out unless a clear Reversal has setup.
VSA Upthrust should be taken off the 13,500, 4500 or 5 minute charts - Dont take any upthrust off the 1 minute 500tick lower times!!
Know your Profit Potential Prior to entering. DONT TRADE
AGAINST STRENGTH OR WEAKNESS. Regardless of TREND. S/W is the 1st Qualifying Rule to determine Risk. Then Trend, then Ranked Sequences. (Stay away from unclear criteria!!!)