Today we had 1.0 Gap Up after we printed a Block Bar on the 1500 tick high in the globex session, we also had Rambos on the those high on the 13,5000 tick. These are signs that Specialist were Distributing more for a potential decline. That decline was slight but significant early as price immediately move to test the prior day low before printing more blocks @1511 and forcing a bounce back into Friday's tight 4pt range.
Recap Notes:
Trade Selection - Excellent trading, Excellent initial Entries, Excellent Cuts and Exits.
Sequence 1 was a momentum Ice Breaker off Globex weakness we printed block bars on the 1500 tick high that maintained the momentum into the open. I got short and was able to worsen my average as price moved in favor. Good timing on the exits, not much i could have done better without plans to hold for extended periods. All signs point to a tight range day.
INTANGIBLE OBSERVATIONS:
Taking what is given - Today was a good example of taking what the market gives and being satisfied with it. I took an open ice that was momentum based from the globex highs. This trade had solid signs of LONGER TERM WEAKNESS.
However we open with only a 1pt continuation gap - signalling a high chance of trading in a range. The rang was only 4pts on the prior day and we had only moved 3pts before bouncing prior to the 1st Ti. Now I must ask myself, am i willing to wait for the move to breakdown? which may happen later in the day of not at all today. Or limit my exposure, take what is given and enjoy the rest of my day? NO regrets for choosing the later.