Today we had a 1.25pt continuation gap with strength on the PDC leading to an early rally that was stalled by block bars on the highs of the morning
Recap Notes:
Trade Selection - Great trading, Great initial Entry, good exit. Sequence 1 was a 45/15 cycle with Strength in the background 40500 , 13500 and blocks at the globex lows on the 1500. This move showed strength on the open test of the 0 line (which it didnt break) and the POC price @ 1392.50. I was able to take advantage the background but failed to get as much on as i would have liked but still a very Good day for 15 minutes of focus.
INTANGIBLE OBSERVATIONS:
Trust the Background on the higher time frames - Today we open with strength on the PDC and higher Time Frames. This led to a solid 5pt rally from the Price POC on the open.
Trust the Globex Momentum - today we gaped Down -15pt on heavy globex momentum
trusting this indication would have provided max profits in the shortest amount of time.
Exit into the rallies - Today i had multiple opportunities to exit into the ensuing rallies but failed to maximize profit due to my anticipation of higher prices. Price had already made new highs on 2 occasions all before the 1st Ti but shows signs of rejection, This was my missed opportunity.
Trust the Background - Always formulate a premise based on the higher time frame Background.
Trust your premise and look for test and confirmation in wholesale areas.