Today we had -.25 Continuation Gap with PDC Strength in the background. The 135 appears to have flagged over night breaking out early into the 1st Ti and continuing the Long rally beyond the 2nd Ti.
Recap Notes:
Trade Selection - Good Trading, Good Entries, Ok Exits.
Sequence 1 - This trade was a good rational trade that moved in favor 1.75pts. But had broken blocks to the upside = Strength. We had light momentum to the downside but in hindsight was actually a Test of Strength. Despite the **UQ** entry I blew the exit by holding thru a pro bar that printed on the low and was broken very quickly. The big mistake was hold the position looking for cycle to justify a pullback resulting in a huge loss and waisted time.
Sequence 2 - (TRD based Irrational Entry) This was a excellent trade that had very little by way of justifiable signals, which is why i entered with such confidence. In the current Market signals to the SHORT side are being ignored and representing small pullback fluctuation at best. I basically reversed my original short after taking a huge loss with the mentality of trusting my signals. I was able to maximize profits with max on for an excellent gain.
Know what market your in!! With that said the signs of Strength have been present. Broken Block bars on higher time frames that then become background strength, Broken resistance cycles, ignored Exhaustion etc. The very Best Indicator in the current Market is the $Tick. We had the classic TRD signs with the $Tick trend line moving consistently ABOVE the 0 Line. all else can be overlooked. The $Tick TREND LINE IS KEY to determining the Trend Campaign. Trading it will allow for entry mistakes to be corrected and reprimanded.
Sequence 2 - (TRD based Irrational Entry) This was a excellent trade that had very little by way of justifiable signals, which is why i entered with such confidence. In the current Market signals to the SHORT side are being ignored and representing small pullback fluctuation at best. I basically reversed my original short after taking a huge loss with the mentality of trusting my signals. I was able to maximize profits with max on for an excellent gain.
Know what market your in!! With that said the signs of Strength have been present. Broken Block bars on higher time frames that then become background strength, Broken resistance cycles, ignored Exhaustion etc. The very Best Indicator in the current Market is the $Tick. We had the classic TRD signs with the $Tick trend line moving consistently ABOVE the 0 Line. all else can be overlooked. The $Tick TREND LINE IS KEY to determining the Trend Campaign. Trading it will allow for entry mistakes to be corrected and reprimanded.
ADJUSTMENTS & OBSERVATIONS:
Know what market your in!! With that said the signs of Strength have been present. Broken Block bars on higher time frames that then become background strength, Broken resistance cycles, ignored Exhaustion etc. The very Best Indicator in the current Market is the $Tick. We had the classic TRD signs with the $Tick trend line moving consistently ABOVE the 0 Line. all else can be overlooked. The $Tick TREND LINE IS KEY to determining the Trend Campaign. Trading it will allow for entry mistakes to be corrected and given a 2nd chance for solid Exits.
NEW TERMINOLOGY - TRD-JIRE = Tight Range Drift -Justified Irrational Entry:
What to look for:
Broken Block Bars on higher Time Frames
Broken cycle with Open Sine Wave especially on High TF's (see pix)
$TICK Consistent Trend Line Floating ABOVE/BELOW 0 Line
ESTABLISH WHOLESALE PRICE ZONES - Give the trade a chance to work- Remember that price may test an area prior to moving in our direction, allow this to happen with your probe before committing more lots.
Establish your Premise and trade ONLY that until it is proven wrong - I took a solid opening trade but gave back profit believing the premise had changed without any solid (larger TF) proof. Too much reversing is an indication of NO Premise, weak premise of not trusting the premise.. All bad mind frames.
NEW TERMINOLOGY - TRD-JIRE = Tight Range Drift -Justified Irrational Entry:
What to look for:
Broken Block Bars on higher Time Frames
Focus on the Background - Today we had Block bars that held from the prior days close. We trended up in the globex session NEVER testing the PDC. This is an indication of Strength that played out as a tight range drifter ignoring all opposing signals.
ESTABLISH WHOLESALE PRICE ZONES - Give the trade a chance to work- Remember that price may test an area prior to moving in our direction, allow this to happen with your probe before committing more lots.
Establish your Premise and trade ONLY that until it is proven wrong - I took a solid opening trade but gave back profit believing the premise had changed without any solid (larger TF) proof. Too much reversing is an indication of NO Premise, weak premise of not trusting the premise.. All bad mind frames.