Today we had+1.5 Gap off Globex Strength+4500 Open Block Bar = Opening Rally to test Globex Highs. We Trended hard on the previous days so ranges was expected today, However the wide range of 9.25 pts today is still testing strength around 1554 are where we put in a high volume pro bar on the daily yesterday. the low was on the super trend line. A hols above here in the Globex session would signal a retest of the 1558 break area.
Recap Notes:
Trade Selection - Ok Trading, OK Entries, OK Exits.
Sequence 1 - AA(45/15 cycle) Entry had upside momentum but a bit early. I have to remember to allow for testing. The key is to probe until the testing is confirmed.
Sequence 1A - AA(45/15 Reentry) This was the reentry of the original trade AFTER testing. The result was as expected but i failed to maximize the profit potential by closing too soon. Their was signs of higher prices as it played out shortly after closing.
Sequence 2 - C(500 N Trend) This was to catch a trend move that was in continuation of the early breakout. I failed to maximize its profit by added more on very late in the cycle. but still manage to gain.
Sequence 1A - AA(45/15 Reentry) This was the reentry of the original trade AFTER testing. The result was as expected but i failed to maximize the profit potential by closing too soon. Their was signs of higher prices as it played out shortly after closing.
Sequence 2 - C(500 N Trend) This was to catch a trend move that was in continuation of the early breakout. I failed to maximize its profit by added more on very late in the cycle. but still manage to gain.
Sequence 3 - AA(45/5 cycle w/Blox) This was a short entry in a good place that had multiple blox appear at the highs but the entry was a bit early, the trade played out as expected moving 5+pts lower. However I exited with a small loss during testing AGAIN!! and failed to reenter as price got away from me.
Sequence 4 - AA(45/5 off Blox) This was another 45/5 long entry that again played out as expected but i bailed on the test too soon.
Sequence 4A - AA(45/5 off Blox Reentry) This was the reentry of the last trade AFTER testing. This time i uses the probe for testing. Price popped this time and i was able to maximize the profit potential taking 3pts out but with much less on. No regrets here and now i got the formula.
Sequence 4 - AA(45/5 off Blox) This was another 45/5 long entry that again played out as expected but i bailed on the test too soon.
Sequence 4A - AA(45/5 off Blox Reentry) This was the reentry of the last trade AFTER testing. This time i uses the probe for testing. Price popped this time and i was able to maximize the profit potential taking 3pts out but with much less on. No regrets here and now i got the formula.
ADJUSTMENTS & OBSERVATIONS:
Limit The Sequences by allowing for Testing. USE the probes to allow for Testing, Then get more on after tests are confirmed. This market is very testy but decisive afterwards.
Have clear premise for the day and trade it. - I had an ok premise to start the day but i failed to execute that premise and failed to make the adjustments. When the initial premise is NOT moving in favor then consider adjusting the view prior to entering the next sequence.
Give the position i little more time when block bars are evident in key areas that hold.
Limit the probes until we have a clearly defined sequence.
STAY FOCUSED the Opportunities
Have clear premise for the day and trade it. - I had an ok premise to start the day but i failed to execute that premise and failed to make the adjustments. When the initial premise is NOT moving in favor then consider adjusting the view prior to entering the next sequence.
Give the position i little more time when block bars are evident in key areas that hold.
Limit the probes until we have a clearly defined sequence.
STAY FOCUSED the Opportunities