Today we had .75 Gap Up after we printed a Block Bar on the 1500 tick low in the globex session, this gave the appearance of strength but the con gap indicated a potential tight range as we traded on the 0 line well past the 1st Ti only posting 3.75pt range. A break above the 15.75 could see the 10YEAR High @ 1517. So there is definitely weakness as we approach this area.
Recap Notes:
Trade Selection - OK trading, Excellent initial Entries, OK Cuts and Exits.
Sequence 1 was a 15 Single Cycle that had Globex blocks on the 1500 tick lows. I had a poor exit on this trade as i was 2pts in favor with 3 lots on and ended with a scratch, Much Regret.
Sequence 2 was a 45/5 Cycle reentry from the first trade. This trade was a bit better but still could have reacted better on the exits.
Sequence 3 Was a reversal on a Liquid short off blocks that showed up on the 1500, 500 ticks and the 5 minute. This moved in favor short of a point before it exited on the slight turn. Not a bad trade but opportunities were weak. No Regrets here.
Good Job of conceding the 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.