Yesterday's Power On Close = Strength
Today's Open = Open @ 1194.50 GAP Dn (3.5 pts)
Result = Choppy Open, Very tight range drifter
Result = Choppy Open, Very tight range drifter
Today's TREND = Choppy Open, Very tight range drifter.
Today's 15 Minute Close Bar =UP @ 1191.50
Today's Power On Close = Weakness
Today's Power On Close = Weakness
Daily Volume = 2.3M Below Average Volume
Today's $TICK close = 589
R1 1200 R2 1204 R3 1207 R4 1216
S1 1192(Globex) S2 1191 S3 1186 S4 1180
Daily Market Bias For Tomorrow =
-1 Moderate/Strong Bear
Daily's are showing some signs of Weakness. The ES closed slightly Up on Low Volume today after what appears to be a hidden Upthrust yesterday. We Had Block Volume printing on this bar as well which may indicate selling pressure. Today could turn out to be a NoD if we get a break below today's lows. Conversely today could be a test in a rising market as we closed off the lows on low volume a potential sign that price is being marked up in a thin market.
The ES.D Volume Profile has printed a b-pattern of sorts that found value at a higher price on the close. The VPOC is 1190 then 1196. The ES profile printed a VPOC of 1198 with a fairly wide symmetry. Early testing will be the key in determining direction for the weekly close.
The ES.D Volume Profile has printed a b-pattern of sorts that found value at a higher price on the close. The VPOC is 1190 then 1196. The ES profile printed a VPOC of 1198 with a fairly wide symmetry. Early testing will be the key in determining direction for the weekly close.
TRADE OF THE DAY:
There Was NO TOD. Very Choppy, very tight range drifting early with few opportunities. 15 minute view. No clear direction by 7bar zones. Strength is appearing but low probability midday
HOW I DID TODAY:
TRADE SELECTION - Ok 1 Unqualified BBmB Reversal entry & C 500 Re-entry
ENTRY'S - Not good. Took max heat on both trade
EXITS - Not Good. One exit was ok per the rules and a Max Stop.
Self Talk/Mind Chatter: Good, No negativity. Good Observations.
Market Focus & Action: Good, Stayed focused on the Tape and the Background Strength and Weakness. I waited till the 710 bar to take a trade as things just did not line up. Prices was Very Choppy with Probars not holding etc.
WHAT I CAN DO BETTER:
Honor the Rules-Honor the Rules, regardless of what else I do. Be sure to Qualify trades thoroughly.
SOLUTIONS:
Restate and List the Basic Rules - 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 - Not good. Took max heat on both trade
EXITS - Not Good. One exit was ok per the rules and a Max Stop.
Self Talk/Mind Chatter: Good, No negativity. Good Observations.
Market Focus & Action: Good, Stayed focused on the Tape and the Background Strength and Weakness. I waited till the 710 bar to take a trade as things just did not line up. Prices was Very Choppy with Probars not holding etc.
WHAT I CAN DO BETTER:
Honor the Rules-Honor the Rules, regardless of what else I do. Be sure to Qualify trades thoroughly.
SOLUTIONS:
Restate and List the Basic Rules - 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:
Clue to a Choppy Open Is NO activity in the Globex Session.
Pass on Open Ice when things look choppy or when against Resistance without any clear Globex or Pre-open direction.
Stick With Background Strength / Weakness - When we are able to Identify true Strength or Weakness, a focus on a Qualified sequence and confirmed entry is all that is left to provide the highest probability trade entry.
Pass on Open Ice when things look choppy or when against Resistance without any clear Globex or Pre-open direction.
Stick With Background Strength / Weakness - When we are able to Identify true Strength or Weakness, a focus on a Qualified sequence and confirmed entry is all that is left to provide the highest probability trade entry.