Today we Gap Up 1.25pts tested 15m support and bounced early and peaked at 1260 on the 7:45 Time Interval and traded lower on the morning.
My Daily Trade Video here.
Recap Notes:
Trade Selection - Not Bad, But i had to bench myself with 3 loses in a row. I took 3 trades and added to the 1st and 2nd. The sequences were qualified but I overstayed my welcome on the first and could have managed it much better by taking some profits off, I cut 1 lot for a minimal loss which was ok, but it actually went 2pts and reversed. The 2nd trade never popped and I held too long adding because it broke a key bar but reversed on Low volume bouncing 3pts in a few seconds to catch a max stop, i managed the other position for a lesser loss. The 3rd sequence simply never popped so scratched it in a good place, price moved lower after exiting.
Today's 15m Close: Weakness. High volume Wide Spread Up Bar on Block Volume off the lows with days Gap as Resistance.
Accumulation Range: Intraday Session: Blocks @ 1250-1256
Globex: Blocks 1251-1255
Distribution Range: Block Volume at 1261-1265 13t/45t Blocks @ 1262.75-1264.75 on 15 9zone
Today's $TICK Close: -225
The Daily's
Dow - Weakness. Closed Up on Low volume but off the highs approaching a cycle Resistance. Printed NoD
ES.D - Short Term Strength. 135 Bounce off old R new S @ 1250 on high volume, forming a flag continuation. Also approaching Cycle Resistance
Internals - Weakness. GE moved up printed PT closing off the highs signaling possible weakness. BAC was rejected at the old S now R again but closing down well off of the highs. Cisco closed Down in a coil pattern this could signal strength.
INTANGIBLE OBSERVATIONS:
Focus on Waves of Strength and Weakness as the primary directional clue -This should be qualified prior to entering ANY setup, the 15/5 sync can be wrong if they are against the most current wave of S/W.
45/5 Syncs must Have multiple confirming clues - The 45/5 sync must have clues to confirm, ie 1500 is broken into a trend or has exhaustion and High Volume before entering, The reason is that the 45 is too slow and the 500 is too fast so the sync may be misleading.
45/5 Syncs must Have multiple confirming clues - The 45/5 sync must have clues to confirm, ie 1500 is broken into a trend or has exhaustion and High Volume before entering, The reason is that the 45 is too slow and the 500 is too fast so the sync may be misleading.
Be Very Patient on slow opens - On slow opens focus on action around time intervals and position accordingly, these may be the best RR:R and only opportunities on the day.
When Probars and Block Bars show up on the right side of a peak and don't destruct, then this is a buying clue.
Conversely when Pro's and Blocks show up on the right side of a spike and doesn't rally then this is a selling clue.