Today we Gap Up 3.25pt on the open immediately test the Globex highs. We peaked on the 1st Time Interval and began to fall thru the ice with multiple Block bars on the 15m.
My Daily Trade Video here.
Recap Notes:
Trade Selection - Good day 2 trades the 1st was a 1500 tick Open ice trade that was also a 15/5 sync. The trade was good for max but I exited 2 lots with a good gain, could have held the 2nd for a max. Sequence 2 was a 15/5 but there was no strength in the market and the range had shrunk to low, It was not popping in direction when the $tick popped so exited for a .75 tick loss. Great exit as price slide 4+pts over the next 30 minutes. 2 Sequences total.
Today's 15m Close: Weakness. High volume wide spread Up closing off lows followed by Block bar closing Dn @1243.25.
Accumulation Range: Blocks @ 1239.25-1240 13,500t/45t/15m/5m
Distribution Range: Block Volume at 1248-1246 13t/45t & 1248-1240 15M.
Today's $TICK Close: -356
The Daily's
Dow - Weakness. Closed Down but off the lows on Ultra LOW volume, could be a test in a rising market or extreme weakness. the later seems likely following a wide spread probar closing on highs
ES.D - Weakness. Rejected the Trend Line closing down on light volume forming a Doji type bar
Internals - GE and MSFT rejected old Support now resistance on light volume. BAC had broken above the base of Rambos and Probars and appears to be headed to test failed support now resistance.
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