Today we Gap Up 36pts. Rallied to the Globex Highs on High Volume @ 1190.25 and drifted past the 1st Time Interval. We then reversed with a double top and traded lower till the close. It Appears that the specialist will try to create some demand over the next few days. We may see more irrational strength prior to moving further to the downside.
My Daily Trade Video here.
Recap Notes:
Trade Selection - Great Trade 1S1K Done Early. I entered a 1,500 Open Ice in trend with a $Tick Bounce. We had Block volume in the pre-open that broken on probars to the upside, Crossing the creek on high volume prior to the open, so any solid pullback with probars on the extreme was a Go!!.
Today's 15m Close: Weakness. High volume wide spread Up Probar closing @1191.50. Near Block Volume lows. We bounced just prior to the 1180 Gap area?
Accumulation Range: Blocks @ 1182-1186 45/5m/13
Distribution Range: Block Volume at 1193.25-1195.25 on ALL High Frames. Multiple Exhaustion at 4500 & 5m Close
Today's $TICK Close: - 20
The Daily's
Dow - Weakness. High Volume Up bar closing up after a Rambo. We are headed for an old S/R @ 11,6300.
ES - Weakness. Gapped up with an ST* signaling a potential reversal, however We are at cycle support after printing Rambos. We must see a test of 1180 Gap area
Internals - Strength BAC and GE are showing strength printing High Volume Down Bars closing on the lows. This too after printing Rambos.
Dow - Weakness. High Volume Up bar closing up after a Rambo. We are headed for an old S/R @ 11,6300.
ES - Weakness. Gapped up with an ST* signaling a potential reversal, however We are at cycle support after printing Rambos. We must see a test of 1180 Gap area
Internals - Strength BAC and GE are showing strength printing High Volume Down Bars closing on the lows. This too after printing Rambos.
INTANGIBLE OBSERVATIONS:
When old S/R sync with New PB in trend with pro bars this is a strong support and a good entry point.
1500 Open Ice
Notice old Resistance becomes New Support Combined with current Cycle support coming in as a PB in trend with probars and Exhaustion = High Probability Sequence.
On Continuation Gaps - Use the Prior Days 15 minute closing premise for Open Ice Momentum Signal, when the Previous Days Close shows signs of Strength and the Open is a Continuation Gap Then we trust the prior days Closing Premise ONLY for the Open Ice. 3pts or less. See Related Links: After Market Gaps & 15m Chart
1500 Open Ice
Notice old Resistance becomes New Support Combined with current Cycle support coming in as a PB in trend with probars and Exhaustion = High Probability Sequence.
On Continuation Gaps - Use the Prior Days 15 minute closing premise for Open Ice Momentum Signal, when the Previous Days Close shows signs of Strength and the Open is a Continuation Gap Then we trust the prior days Closing Premise ONLY for the Open Ice. 3pts or less. See Related Links: After Market Gaps & 15m Chart