Today we had a 2.25pt Gap Dn signaling a continuation of the PDT, we test the lows early putting in blocks on the 15m low setting the stage for a rally into new highs prior to the 2nd Ti.
Recap Notes:
Trade Selection - Good trading, Good initial Entry, Good Exits. Sequence 1 was a solid long entry that was a bit early but at ok wholesale prices, I had opportunities to get in at manufacturer prices at 1378.50 when we tested the lows with heavy $Tick divergence and Blocks appearing on the 15minute. I recognized the signs of higher prices and was able to take a solid profit but did leave quite a bit on the table on the early exits.
INTANGIBLE OBSERVATIONS:
Consider holding for larger moves when we get obvious signs of higher prices - Today we had obvious signs of higher prices as we had con Gap in our favor, Blocks appearing on the lows on the 15m & 130500 and campaign manipulation.
Campaign Manipulation - When the tape shows volume increasing in one direction but prices continually jump/are marked back up in the opposite direction, This is evidence that specialist have an specific agenda for the day. This is clearer when we had Con Gap after trend or consolidation days or when price is @ strong support or Resistance.
Opening Gap is important for my Trading - The Opening gaps is very important in my trading, Large Gaps UP above 9ish that don't 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..