Today we had a .25pt gap up typically suggesting a continuation from the pd's trend. The higher time frame strength appeared to be developing and we tested the lows of 1426.75 early on globex momentum which was 4500,13,500 and daily support, From here we bounced 8pts on the news till the 1st Time Interval where prices retreated back to break support and put in new lows below 1420 area.
Recap Notes:
Trade Selection - Good Trading, Good Entries, Good exit. my 1st trade I entered off a c500 cycle in trend with globex momentum in background. The move traveled 2.5pts. However i made Order Entry Errors by adding to the position when my intent was to began exiting costing me a portion the profits booked. My 2nd sequence was smoother, i entered on a liquid bounce off support on the 45,13,500 and daily riding a pop into the days highs.
INTANGIBLE OBSERVATIONS:
Continuation Gaps - Be careful on continuation gaps and wait for the extremes.
Trust your premise but adjust your target based on the range potential. Today we traveled in tight 5.5pt range past the 3rd TI with No blocks on the 15minute lows suggesting continuation of PD trend on the day.
Blocks Midday - Blocks on the 15m or high Tick chart Extremes are very strong signals for continuation on the upcoming day. They also show up in the globex session and MUST be respected when forming a premise for the upcoming day.
15minute blocks at the highs
13,500 Blocks at the highs
Results in large move approx. .50% change on the day
Blocks Midday - Blocks on the 15m or high Tick chart Extremes are very strong signals for continuation on the upcoming day. They also show up in the globex session and MUST be respected when forming a premise for the upcoming day.
15minute blocks at the highs
13,500 Blocks at the highs
