Today we Gap Dn 17pts. After Bouncing in the Globex session we hit cycle resistance in the pre-open while printing pro bar at the peak. we sold off early and continued to drift in tight choppy ranges through the 7zone.
My Daily Trade Video here
Recap Notes:
Trade Selection - Great Trade 1S1K Done Early. I entered a 1500 Open Ice off of Pre-Open weakness. The 4500 Printed a Probar at the peak into cycle resistance along with a 1500 probar print with Exhaustion.
Today's 15m Close: Strength. Hammer, probar off Support @1187- 1190
Accumulation Range: 1206-1216 with Block Volume
Distribution Range: Blocks @ highs from 1182-1191
Todays $TICK Close: +-582
Todays $TICK Close: +-582
The Daily Dow and ES are approaching cycle support on the Daily with saucer shapes turning on the 135. Internals showing some probars at the lows, narrow spreads. Strength appears to be stepping in but We must test the 1180 area again before I'm convinced.
INTANGIBLE OBSERVATIONS:
Tight Range Drifter - Be very careful trading drifters, ONLY trade the trend or stay on the sidelines. Especially if we nail an open ice, this is a good day to stop early.
Think Wholesale - when entering a qualified trade with a liquid entry respect the break points and act on them quickly. The advantage of the wholesale entry is that it allows you to take SMALL LOSSES when a failure occurs and the Risk Reward is clearly defined and heavily weighted in our favor.