Tuesday, December 20, 2011

18pt Gap Up off previous days close + Globex Momentum = Early Rally, Then Flag, Then Rally

Today we Gap Up 18pts off the previous days close. Globex Momentum was very strong to the upside. We rallied immediately on the open. 13 Open Ice broke and moved 7pts in the 1st 15M. We formed a tight flag and broke up again on the 1st time interval. From there we continued to form small flag breakouts while drifting higher on tight range.
Daily Trade Review



Recap Notes:
Trade Selection - Ok. only 2 sequences today. I was tired and unwilling to negotiate. After Missing the 13 open ice I entered 1 liquid trade that was not qualified due to it being in the 90 grind. The 2nd entry was a 15/5 that moved 2pts max fairly quick but would eventually go 4+ over the day, but i was Good with my exit. No Regrets.Good stoppage early. Simply recognizing that I missed my best opportunity and I'm not fit for the grind today.

Today's 15m Close: Strength. High volume bars closing down off Support, Block down, multiple doji's.
Accumulation Range: Intraday Session: 1231-1233
Globex: None
Distribution Range: Intraday: None
Globex: None
Today's $TICK Close: +598

INTANGIBLE OBSERVATIONS:
Remember to be quick on entering the 13 open Ice - have the 13,500 up 1st and measure the bar H/L.


Day Type to Recognize - Today was a Breakout, Then Flag, then Breakout day all in the same direction. All breaking out on each Time Interval.
Last 2 days showing Flag breakouts and Time Interval bars Breaks.


Tripple Crown May be too good to be true - When price makes a triple crown be weary if we dont get a swift move right away.  This may be due to the opposite cycles from the past still holding, so look for delayed cycles S/R that may be present.