Today we Gapped up slightly after What appears to be Accumulation Overnight, We tested the lows picking up more inventory near the 1214ish area then staged an intraday rally back up the the 1224-1230 before Distributing a bit at that level. Heading into Next week we could see a bounce back into the 1250-1260's before Distributing with shorts.
My Daily Trade Video here
Recap Notes:
Trade Selection - Great Trades both qualified, took advantage of the same 13 Open Ice that setup yestarday on the pre-open. scaled in correctly and took profits with no regrets.
2 Sequences entered during the 90 minute grind.
Today's 15m Close: DN probar off low@1206-1214,1216-1218
Accumulation Range: 1206-1216 with Block Volume
Distribution Range: Blocks @ highs from 1217-1219
Todays $TICK Close: + 288
The Daily Dow and ES are now into Cycle Support on the weekly appears to be to turning down on a PB cycle resistance with Exhaustion. We fell thru a previous PB that is now Resistance in the same area. Block Volume appeared again at the 1215-1219 Distribution range on the 15 minute with a PB a down in trend. Although we appear to be headed back to the 1200 level I wouldn't be surprised if we picked up more inventory at the 1208-1210 range.
INTANGIBLE OBSERVATIONS:
Open Ice was good every day, it seems that The objections of the specialist follow a weekly campaign or goal, using very similar patterns in the globex session, pre-open and throughout the day as was the case this week. Be aware of the commonalities of the previous day in order to get into rhythm with the habits of the specialist.
Adding to your position - ONLY add to Qualified positions when I have clear cues and odds in my favor. Be very sure not to add to a trade moves away immediately. Taking loses on 1 lot wont hurt as much and you can hold to max if needed but adding to unqualified trades wont work.
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.