Today we opened lower by 11.25 pts after testing the 1242 level in the 1237-38 lows in the globex session on a double bottom with massive Block bars covering the 1242-1248-50 zone specifically on the lower ends of support. The Daily closed just below the triangle lows after Blocks Volume on the 15 minute came in at 1255-1258 peaks.
Today's Trades video here
Recap Notes:
Trade Selection - Great trade selections and patients. I entered an Open Ice off the 13,500 tick for a solid gain, closing 1 lot max and 1 lot +1.25. I could have managed this position better, I allowed the first lot to close with a short target set by my OCO on an added entry. Dont depend on TS went adding to positions to place your targets and exit. BE SURE to readjust your second entry's OCO limits to match your intended target.
2 Sequences entered during the 90 minute grind
KPR - Block at he lows: Accumulation begans @ 1242-1248-1250. If No clear signs of Distribution at 1250, Look for the 1260 to be tested.
KPR - High: 1260 tested at 1258. Block volume at 1254-1258 peak with 15m cycle resistance and 45 tick Resistance.
KPR - 15m Close: With Block Volume wide spread close on the lows @ 1234, price drifted to close at 1230 round number. If No test of the 1220 in Globex, look for strength on the open.
INTANGIBLE OBSERVATIONS:
Stick to your Premise of the open and for the 90 grind. This is the basis of all sequences.
Note Tick divergenc that has price peaking BUT the $TICK lower near or at the 0 line. This can be a good clue of continued downside pressure. Vis versa for Longs.
Be Mindful of old S/R areas that are now new S/R area, these can make very good dirty sync entries especially after breaking into trend.
When entering Liquid sequences, note typical cues the trade is moving in favor prior to scaling in further. Price should move in favor fairly quickly without hesitation. ie price rejection at the entry price or very near it.
**Note** Wall Street Gang pg 241 para 3 The Specialist decision to avoid Accumulation/Distributions at key prices (round numbers) can mean only 1 thing. He is going Higher/lower - What this means is that one needs to observe how the specialist reacts around key price areas of High/Low volume and/or S/R round numbers. Gapping thru round numbers is often an indication that prices may head to the next round number prior to further reaction by the specialist. He uses gaps to avoid limit order and public involvement in his intended direction.
Furthermore, when we see No or little reaction at these areas after Accumulating or Distributing has taken place then look for the next S/R round number to be tested.