Today we had 3.5pt Gap Up into weakness with Pre- Open Block bars showing up at the high. This signaled short momentum early. Price did decline till the 1st Ti after putting in a 8.0 pt move before showing signs of reversing potentially on the day.
Recap Notes:
Trade Selection - Good trading, Great initial Entries, OK Exits.
Sequence 1 was a solid 45/5 cycle sync entry on open momentum based on Background weakness and 4500/500 tick charts. Price sold off fairly quick but stalled for a while before moving a bit lower. I took profits a fairly reasonable area but should have held for the 1st Ti, Price eventually moved 8pts in favor.
Sequence 2 was a check probe C(500 cycle NT) very high probability trade. I was too light and exited too early, this trade moved 4pts on favor with me only taking a small portion. hindsight regrets of course.
INTANGIBLE OBSERVATIONS:
Maximize Strong Signals - When we get strong signals and price moving in favor and/or staying in favor then time is on our side and it is prudent to at least wait to the 1st Ti before the last lot is closed.
Trade the Background to put Time on your side - Today i entered based on the background weakness and was able to wait the market out, however had i waited longer the larger the gain, as time progressed price declined further and further as Predicted by strong signs of weakness from the prior days Mid day Blocks and high time frame EOT signals.