Today we had +3pt Gap off Heavy buying on the prior days close. Since we never broke or even tested the Globex lows we had strength moving into the open. With No define upside resistance we saw a classic tight range drift day with ALL opposing signals ignored!!
Recap Notes:
Trade Selection - SOSO Trading, ok Entries, SOSO Exits.
Sequence 1 - A(45 Liquid Scalp)
This trade was a liquid scalp. Not a bad trade but a poor exit as i held this for too long knowing there was strength in the background. I gave back 1.75pt gain to take a small loss on max lots.
Sequence 2 - C(500 Nt)
This was a solid trade that saw price in a strong up trend. The 500 printed blocks at the cycle and quickly rallied to higher levels i was able to get more on for a good gain
This trade was a liquid scalp. Not a bad trade but a poor exit as i held this for too long knowing there was strength in the background. I gave back 1.75pt gain to take a small loss on max lots.
Sequence 2 - C(500 Nt)
This was a solid trade that saw price in a strong up trend. The 500 printed blocks at the cycle and quickly rallied to higher levels i was able to get more on for a good gain
ADJUSTMENTS & OBSERVATIONS:
Focus ont he 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.
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.