Today we Gap Dn 4pts with block buying early but we didnt break out until we tested the lows @ 1238 on the 7zone. We then rallied till the 9zone, consolidated and eventually broke above resistance to close.
My Daily Trade Video.
Recap Notes:
Trade Selection - Good, I entered 3 sequences 1 liquid, a 15/5 sync and a 1500 Single Cycle of Block Volume. I was able to manage some heat with size and turn profits on the 15/5 sequence that was weak.
Today's 15m Close: Strength. High volume Wide Spread Dn Into Support.
Accumulation Range: Intraday Session: Blocks @ 1230-1237
Globex: None
Distribution Range: Intraday: Block @ 1246-1249 Globex: None
Today's $TICK Close: +577
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:
Be aware on rollover dates, set reminder on phone ahead of time. Also on Thin choppy Opens, Focus on the Globex Momentum and signs of Strength or Weakness .
Be aware of Time Interval that print Blocks and Probars in counter trends - This may appear without Cycle Syncs so don't hesitate.
Globex Momentum is Key - Blocks on wide spread bars at the peaks that precede a sell off could be specialist positioning themselves short, If the momentum remains into the pre-open, then the open has a short bias due to the most recent momentum.
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.
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 Pros and Blocks show up on the right side of a spike and doesn't rally then this is a selling clue.