Today we Gap Up 12.25 pts tested the 1251.50 area on a 13,500 PB support cycle that rallied to 1258 before reversing at the 7zone back to the lows of 1246 and drifted for the day.
My Daily Trade Video here.
Recap Notes:
Trade Selection - OK, 1 Unqualified with a good scratch exit, 1 qualified that was managed well for a small loss and 1 excellent entry that was managed to the best of my ability. Very Good Week
Today's 15m Close: Weakness. High volume Down Bar break below support & Pivot No 15m BLocks but all else had block volume into 1243 area.
Accumulation Range: Blocks @ 1247-1249 5m & 45t
Distribution Range: Block Volume at 1258-1256 13t/45t & 1248-1240 15M.
Today's $TICK Close: +168
The Daily's
Dow - Weakness. Closed Down in an upthrust pattern at the Trend Line higs
ES.D - Weakness. Rejected the Trend Line closing down on light volume forming in a grave yard doji, with the 135 printing Rambos at the high. The Weekly close just below the trend line and fighting Resistance.
Internals - Weakness. GE printed an St* with a grave yard Doji. BAC was rejected at the old S now R on a grave yard doji as well. MSFT rejected old Support now resistance from the open.
INTANGIBLE OBSERVATIONS:
When the Environment changes you change with it - Constantly assess your odds while holding a position, this will tell you when to scale in or bail (See 2nd Sequence of The Daily Trades Video)
If the $TICK is popping But Price is not following or fighting the direction - then this is a clue to bail or reverse. Don't fight the indications
AVOIDING FOMC & Open Ice Trades - Always be aware of the day. Today was FOMC day and thus Ice trades should have been avoided.
Trust Your 1st Mind & Take Action - I had multiple opportunities to exit and/or revers on the Open Ice. instead held too long and got cut out