Today we had a +1.5pt continuation gap up and early test of the 1618.50 lows. After bouncing here we traded higher with very few opportunities to enter. TRD lasted through the 1st and 2nd ti where a few pull backs showed up. This market is being marked up this week on NO news. who knows when we will get that 2% decline day to take some pressure off. In the mean time shorting has low odds even with distribution signs appearing at highs.
Recap Notes:
Trade Selection - Ok Trading, Ok Entries, Ok Exits.
Sequence 1 Took a A(15/5 cycle nt trend) price moved a pt in favor and stalled, i was bale bail out with a small gain, so great exit.
Sequence 2 This was 15/5 in trend with block bars showing on both lows, price moved 2 point in favor over the course of an hour stalled on low volume into new highs, my exit was ok as price sold off shortly after taking a modest gain. Could have exited better, need to get out of home run mode and focus on base hits.
Sequence 2 This was 15/5 in trend with block bars showing on both lows, price moved 2 point in favor over the course of an hour stalled on low volume into new highs, my exit was ok as price sold off shortly after taking a modest gain. Could have exited better, need to get out of home run mode and focus on base hits.
ADJUSTMENTS & OBSERVATIONS:
No News Weeks - On weeks when the news is very light such as this week we need to trade the general trend as these are good opportunities for specialist to create demand by marking prices up on low volume regardless of signals strength.
Trust Signals that show up on higher time frame - Today we had pro bars closing on the highs of the 135000 with Stopping Volume. This was a clue that professionals was selling into the early rally which resulted in a 7pt decline on the 1st Ti.
Also we opened with a 3pt reversal Gap that shows a high probability of price moving in the opposite direction of the early open starting with the 1st Ti.
Check News prior to trading!!! - When we Blocks against the premise check the higher time frames and follow the $Tick trend. Today i got shaken out of good position because i reacted to block bars on the lower time frames (15 &5) but no where else while the $tick was still trending lower... With a strong premise these can be dismissed until the 5minute,15 minute, 45 or 13500 tick response also with block volume.
Trust Signals that show up on higher time frame - Today we had pro bars closing on the highs of the 135000 with Stopping Volume. This was a clue that professionals was selling into the early rally which resulted in a 7pt decline on the 1st Ti.
Also we opened with a 3pt reversal Gap that shows a high probability of price moving in the opposite direction of the early open starting with the 1st Ti.
Check News prior to trading!!! - When we Blocks against the premise check the higher time frames and follow the $Tick trend. Today i got shaken out of good position because i reacted to block bars on the lower time frames (15 &5) but no where else while the $tick was still trending lower... With a strong premise these can be dismissed until the 5minute,15 minute, 45 or 13500 tick response also with block volume.