Today we had a 7.75pt Gap Down where we tested the lows of the prior days Globex lows on high volume, we printed an Exhaustion signal on the 15minute with profession bars leading into the 1st Time Interval. The Break above that high on the 1st Ti (7:00) bar was confirmation to hold to the next Ti. From there we drifted higher on the day.
Recap Notes:
Trade Selection - 1S1K Good trade but i was very early and had to sit thru a bit of heat that payed off as the 1st entry was a probe. I was able to add to the position at a better price and ride that for a solid gain. there was much more in the move but background distraction forced me out early.
INTANGIBLE OBSERVATIONS:
Establish the Premise and stick to it unless clearly broken- Today i used the concept of effort with No results as noted on the video, the 1500 tick showed multiple probars at the pre-open peak but a small retrace afterwards, although price eventually moved lower there was No pro bars on the way down thus indicating that we may get an early reversal.