Today we had a 2.5pt Gap Up above the Previous Days tight range re-accumulation. The Market Bias was a Range Day @ -.143 so a breakout or more consolidation could be in order to close the week.
Recap Notes:
Trade Selection - Good Trading both entry and Exit, spotted the 45/15 ticks in sync with strength in the back and pro bars at support as we gapped above tight consolidation from the previous day. We had block bars in the consolidation so a gap above that became a sign of strength along with the pro bars on the 5m lows.
INTANGIBLE OBSERVATIONS:
NEVER buck a TRD day!! - Today i made a crucial error by Placing a liquid Trade into a TRD and not adjusting asap. I noted the signs but was slow to react.
TRD Signs are
- 5+ Gap off of Strength and open Rally,
- Multiple News Releases early,
- Globex Momentum.
- All opposing signals are to be ignored
Always take C(500 Cycle Syncs on TRD Days.
Accumulation Signs of Strength
High Time Frames
15 minute
Trust the premise on the open - Today I went away from my Bias and had to pay the cost as price moved against my position. However we had Block buying on the low of the 40500 tick that was never negated, pointing to potential test of the highs.
Stay with High Time Frame Blocks until They show up against the premise.
Always Exit into the Rally- You must leave money on the Table- Today i exite very well into the rally but decided to leave 1 lot running to max profit but instead gave back 5.5pts to exit at 1 tick. Lesson learned!!