Today we had a large gap up that formed a tight triangle before breaking out to the upside. There were block bars showing up the highs of the day knocking price into a consolidation flag type range till the close. It appears that Specialist short selling is under way. Any spikes to recent highs in the Globex session that are rejected could confirm this.
Daily Trades Video Here
Recap Notes:
Daily Trades Video Here
Recap Notes:
KPR: Block Volume showing up at the 1262-1264.50
Trade Selection and Judgment- Be Very careful about taking liquid trades during the 90 minute grind unless its an Open Ice fade. Stick to obvious S/R bounces in trend direction with S/W in background.
Not a good day for me
I entered 2 unqualified trades and was max stopped on the last, the trade provided many opportunities to exit but i lost focus and decided to bench myself with a small loss.
Trade Selection and Judgment- Be Very careful about taking liquid trades during the 90 minute grind unless its an Open Ice fade. Stick to obvious S/R bounces in trend direction with S/W in background.
Not a good day for me
I entered 2 unqualified trades and was max stopped on the last, the trade provided many opportunities to exit but i lost focus and decided to bench myself with a small loss.
INTANGIBLE OBSERVATIONS:
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 at key prices (round numbers) can mean only 1 thing. He going 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.
Be aware of Cycle Support and Resistance that syncs with Round numbers. These are great reaction points for Liquid Fades.
**Note** Wall Street Gang pg 241 para 3 The Specialist decision to avoid accumulation at key prices (round numbers) can mean only 1 thing. He going 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.
Be aware of Cycle Support and Resistance that syncs with Round numbers. These are great reaction points for Liquid Fades.