Today we had a 12.25pt Gap up signaling TRD potential which played out early culminating at the 1st Time Interval. We then moved into a consolidation flag with Blocks appearing at each low.
Recap Notes:
Trade Selection - Good trading, Good initial Entry, Good Exits. My 1st sequence was a liquid entry at wholesale prices with Block bars at the highs, the catch here was the 12pt Gap which signal TRD higher prices. I was able to cut out for small losses before reentering with better timing. My 2nd entry was a re-entry off the 1st but at more xtreme levels, I was able recognize the strength returning and exit on time to reverse direction. My 3rd trade was a simple C(500 cycle) in trend with with block on the lows of the lower Time frames. I was able to take advantage of the direction and close at solid retail levels within the 90 grind.
INTANGIBLE OBSERVATIONS:
Opening Gap is important for my Trading - The Opening gaps is very important in my trading, Large Gaps UP above 9ish that dont react to block at the highs is a signal of strength, Same holds true for the reverse. Often times the obvious signals become meaningless and the best course of action is to time a short term entry ie. C(500Cycle) IN THE TREND!! This could began to consolidate as it did today and breakout on late news so look to take profit early if your not willing to wait and hold.
Way to bounce back and stay focused..