Today we had a 5.25pt gap Up off Prior days closing Strength but was exhausted in the globex session with prices being marked up early only to begin the start of a down trending day.
Recap Notes:
Trade Selection - Ok Trading, good 1st entry but very poor exit, i failed to take a 3pt pop in favor on the open and had to sit through 6pts of heat while managing risk. I managed to recoup most the early draws but ended with a small draw on the day.
INTANGIBLE OBSERVATIONS:
Be aware to take early profits off the table: Today i allow prices to move deep in favor and reverse to put me under pressure. i had to barf a few lots simply because i lost focus and started thinking about yesterdays behavior.. BIG mistake. Always take early pops
Trust the HTF (Higher Time Frame) Confluence, be sure you are trading away from Strength or Weakness. Today we had HTF Strength showing its hand by with confluence on the 135 and 40,500 tick. and a 5.25pt gap up further indicating momentum from the Prior Day and Globex session. We had Trapped shorts that just below 1440 for more fuel.