Today we Gap Dn 14.75pts with strong downside momentum. 13 Open Ice
Trade of the Day. This was a 13 Open Ice that had globex momentum behind it, the red arrows indicated typical entry point. Price moved lower below the 1232 support and continued to sale off early.
Recap Notes:
Trade Selection - Horrible, I passed on the 13 Open Ice and I entered a logical liquid trade that had all the signs , so I added to the position. The huge amature mistake was marrying the trade. When all is too perfect then expect the opposite. I totally over stayed on the sequence instead of simply cutting the trade short, I moved my stop out and began hopping!! A sure sign to exit is hoping, wishing and preying.. I knew that i needed to exit upon rejection at a certain price but failed to act on market information. I held the position for around 2 hours with very few signs in favor. just a huge disappointment. I took 3 other liquid trade with minimal success, simply NO movement. Usually after a large move early traders will leave for the day and the market will thin out, it then becomes tougher to get filled and slower to move.
Today's 15m Close: Strength. High volume bars bouncing off Support.
Accumulation Range: Intraday Session: Blocks @ 1221-1225
Globex: None
Distribution Range: Intraday: None Globex: None
Today's $TICK Close:
The Daily's
Dow - Weakness. Closed Up on higher but still low volume but just off the highs approaching a cycle Resistance. Printed NoD
ES.D - Short Term Weakness. Showing possible selling into the cycle R @ 1261 area. The 135 is approaching trend resistance but has cycle support behind it. Also approaching Cycle Resistance.
Internals - Weakness. GE closed up on a wide spread bar breaking an old top but closing off the highs entering a cycle R point. BAC showing possible strength closed up but near the lows with Bull Divergence on the previous day.
INTANGIBLE OBSERVATIONS:
Follow your progressions for each Time Interval - Look for your open Ice trades 1st, then for cycle syncs in the 90 grind, Then Liquid Trades in the pre-9zone.
THE KEY IS CUTTING THE LOSSES SHORT, ESPECIALLY ON MULTIPLE LOTS. Simply stick to your bail point.
THE KEY IS CUTTING THE LOSSES SHORT, ESPECIALLY ON MULTIPLE LOTS. Simply stick to your bail point.
ONLY TAKE LIQUID TRADES AFTER THE 7zone - Liquid Trades are better after the 7zone!!! had i taken the usual 13 open Ice we would have max target.