Today we had a4.5pt gap down on HT weakness. We then printed a 15 minute absorption bar on the 1511 low and began a TRD rally till the 2nd Time Interval. The campaign was evident throughout the rally as we saw prices marked up through resistance and minimal volume growth on it way up.
Recap Notes:
Trade Selection - Great Trading, Great initial Entries, Great Exits.
Sequence 1 was a momentum play off the pre-open background strength that appeared with Block bars on the lows. The position moved in favor about 1pt before reversing a bit. I exited the probe for a small profit and wound up getting more on just before the rally on a C(500 reentry NT).
Sequence 1A-2 was a Reentry of the Mo Open Ice but with further confirmation adding a C(500 cycle in trend). This trade was manged perfectly exiting into the rallies and maxing out on the final lot. I had CPU Glitches when trying to close out but managed to get out of the position ok. Great Trading.
INTANGIBLE OBSERVATIONS:
Spotting the Campaign and reacting- Today we had good reason to be short on the open with many signs of weakness n the background. However The campaign was evident as we saw prices marked up through resistance and minimal volume growth on it way up.
Clear signs are:
- Signal are being ignored
- Price moves in a direction in a tight range
- Price is marked up past areas with little to No growth on the Vol Bars
When this is spotted we should immediately revers our position and give it a chance to at least the 1st but usually to the 2nd.