Yesterday's Power On Close = Weakness
Today's Open = Open @ 1218.00 GAP Dn (5.25 pts)
Result = Choppy Open to 710 reversal into Up Trend
Result = Choppy Open to 710 reversal into Up Trend
Today's TREND = Up Trend
Today's 15 Minute Close Bar =UP @ 1207.00
Today's Power On Close = Weakness
Today's Power On Close = Weakness
Daily Volume = 3.0Above Avg Volume (Blocks on uptick)
Today's $TICK close = -348
R1 1219 R2 1222 R3 1226 R4 1230
S1 1208(Globex) S2 1201 S3 1192 S4 1
Daily Market Bias For Tomorrow =
Daily's are showing some signs of Weakness. The ES closed up On Block Volume at Resistance. Rejection around this level could lead to a selloff. The Dow made a rally to yestardays highs but failed to crack it. Rejection of these highs on high volume could also be Bearish.
The ES.D Volume Profile has printed 2 value areas in an initial p-pattern with bearish implications. The ES printed a Fat Narrow Range with a VPOC of 1217.
TRADE OF THE DAY:
There Was No TOD. Just Choppy short range day.
HOW I DID TODAY:
TRADE SELECTION - poor, 2 unqualified entry
ENTRY'S - Not Good, short limits.
EXITS - ok, cut some losses.
Self Talk/Mind Chatter: Not bad but some frustration.
Market Focus & Action: Max external distractions. Actions were in line with poor focus.
WHAT I CAN DO BETTER:
Trade Selection and Judgment- Dont trade against Strength/Weakness, Determine this first then move on to trend and Qualifying Sequences.
SOLUTIONS:
Opt Out for the Day- Dont trade when I have mounting distractions such as today. Blanked Charts, Crying Baby etc.
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, short limits.
EXITS - ok, cut some losses.
Self Talk/Mind Chatter: Not bad but some frustration.
Market Focus & Action: Max external distractions. Actions were in line with poor focus.
WHAT I CAN DO BETTER:
Trade Selection and Judgment- Dont trade against Strength/Weakness, Determine this first then move on to trend and Qualifying Sequences.
SOLUTIONS:
Opt Out for the Day- Dont trade when I have mounting distractions such as today. Blanked Charts, Crying Baby etc.
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:
On Choppy Days Consider taking 2 pt profit when presented. Choppy days cannot be trusted. AVOID ALL Ice Breakers and focus on the 4500 tick and higher frames.
On Choppy action, REVERT TO THE BACKGROUND!! This will help to direct your entry. ALWAYS Qualify the Background before the sequence. Today price chopped thru the midline while testing supply, very obvious if Background Strength is taken into account.
Stick with Basic High Probability Trades Such As: 15/5 sync in Trend. When we get a strong trend Look for DIVERGENCE on the 1500 and 500 and cycle S/R in trend. This is a HP trade sequence.