Today we had a 4.pt gap down into strength with Block bars at EOT on the 135 and 40500 tick. with the Cash Tick opening at EXTREMES of -800 with exhaustion. This was clear signs of strength in an ensuing rally. Price rallied 10pts by the 2nd TI.
Recap Notes:
Trade Selection - ok trading, Poor initial Entry, Poor exit. A day to forget. I was unprepared and did NOT check the background and was also looking at the wrong quote screen (due to testing last week). But i failed to correct the mistake early as i saw all the signals opposing my position. After the 2nd TI i Was able to redeem myself with reentry in trend and subsequent short off blocks at the 1500 R1 and managed to close with a small loss on the day. Rough Going!!
INTANGIBLE OBSERVATIONS:
Always CHECK Background on the HIGHER TIME FRAMES! - Today I failed to check the background on the higher time frames and was caught wrong footed early!! Price moved away 9+ points before the 1st Ti making it very difficult to turn a profit.
