Today we had a 8pt Gap Up with Block bars on globex highs creating pre open momentum to the down side, we traded in a 3 point range to the 1st Ti setting up what appears to be signs of Distribution for the day and a potential TRD to the upside.
Recap Notes:
Trade Selection - Good trading, Good initial Entry, OK Exits. Sequence 1 was a Liquid short based on Blocks in the globex Highs and strong downside momentum on the open. I was able to enter at wholesale levels with minimal risk. We opened at extreme $tick levels print exhaustion as well.
INTANGIBLE OBSERVATIONS:
Read the sentiment of the Market and Understand the Background - Today i was able to read the sentiment of the market due to the background strength that appeared in the globex session and the Prior Days Close. This along with the open gap of less than 2pts pointed to a continuation of higher prices albeit in a tight range. This allowed me to remain confident even when cycles appeared to be turning against the position.
Its Ok take small bits out the markets -Continuing with light lots and quick stops in order to warm up and get back into rhythm. Today was ok but i noticed myself feeling like i should have captured more points. Be satisfied with your gains. The sense of greed or un appreciated gains will rear its ugly head it allowed to persist.
Start slow and Low after hiatis breaks - Today we had a bit of a mixed bag with a tigh range early so I traded light on the morning.