Today's Open = Open @ 1208.00 GAP Dn (1. pts)
Result = Choppy Open Triangle Break out to DN Trend
Result = Choppy Open Triangle Break out to DN Trend
Today's TREND = Range
Today's 15 Minute Close Bar =UP @ 1207.00
Today's Power On Close = Weakness
Today's Power On Close = Weakness
Daily Volume = 2.8 Avg Volume (Blocks on uptick)
Today's $TICK close = -468
R1 1216 R2 R3 R4
S1 1208(Globex) S2 1197 S3 S4 1
Daily Market Bias For Tomorrow =
Daily's are showing some signs of Weakness. The ES closed up again after testing the lows early with little activity. This appears to be testing the lows in a rising market. However the mushrooming top is very suspicious especially with Old Tops to the Left and Cycle resistance yet to be broken. The Dow formed a similar pattern and has yet to crack its most recent highs from early this weak. Volume was light and an Upthrust could be in the cards for friday.
The ES.D Volume Profile has printed a Fat p-type pattern for the day indicating a potential break out. VPOC is 1209. price tested the lows were volume was light and closed within Balance. Friday may be a breakout opportunity if Not a tight range inside bar.
TRADE OF THE DAY:
The TOD was a Triangle that signal Block Volume on resistance at the 7zone TI. An entry at the 1205-1204 proved exact. Price bounced to retest the break point before resuming on increasing volume, price broke down to 1196 before stalling then testing 1192. The 13,500 showed a clear veiw of the action.
HOW I DID TODAY:
TRADE SELECTION - good - took 2 trades both Quality
ENTRY'S - Good
EXITS - ok, 1 good exit and i scratched a Triangle break.
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 - Good
EXITS - ok, 1 good exit and i scratched a Triangle break.
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 the Triangle Breakouts - Many times price will breakout on normal volume but then retest the break level before picking up steam and breaking. So be patient and find a good stop area and allow price to move. (Notice the Block Bar on the Uptick at Resistance in Time Interval. Once this bar is broken the Triangle breaks down.) Stay Focused on the higher time frames on breakouts.
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!!!)
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.