Today we had a -1.5pt Gap up off the Globex lows that had block Strength confirm in the pre-open. The premise was long above 1664 and proved correct as we put in a 4+pt early rally on the 15m opening bar. We then sold off hard on the 1st Ti only to accumulate and rally in the 1670's before noon.
Recap Notes:
Trade Selection - Good Trading, Good Entries, Great Exits. (trade Of the Day)
Sequence 1 Was a 15/5 cycle with Globex Momentum. My premise was long if we held able the VPOC of 1664 in the globex session so i got a good entry shortly after the open and allowed it run. Price came within 2 ticks of my target before i closed out. Great trade, I exited into the rally without willing to leave money on table.
Sequence 2 This was a poor entry as price never printed any block bars and the cycle was unclear. I entered thinking we would continue the 1st rally but price sold off shortly after my enter that NEVER went into profit. I took a 5pt loss erasing most the gains from the 1st trade. Lesson learned. 1S1K should be DONE FOR THE DAY!!
Sequence 2 This was a poor entry as price never printed any block bars and the cycle was unclear. I entered thinking we would continue the 1st rally but price sold off shortly after my enter that NEVER went into profit. I took a 5pt loss erasing most the gains from the 1st trade. Lesson learned. 1S1K should be DONE FOR THE DAY!!
Sequence 4 This was the most important trade of the day as price moved to the lows @ 1660 on the 2nd Ti and began to form a base. When block bars appeared the 13500, 4500 and 1500 tick i entered long. Price tested the lows remaining inside the block bars prompting me to get more on. I was able to ride the rally into the 1666.75 exiting on the high of the 15 minute bar close. Great trade to advance the gains beyond the 1S1K but took alote of unnecessary extra energy and work.
ADJUSTMENTS & OBSERVATIONS:
When yu Put in a 1S1K YOU ARE DONE FOR THE DAY -There is no need to stick around and fight the market when you get a freebie!!!
Manipulation Mondays - Today was a continuation of the Fridays trend, Notice when their is No or lite news as is often the case on Mondays, price can move in one direction on light volume as the campaign can be easily pushed. good to enter early and be patient as it could take hours to hit your target.
EXIT INTO THE RALLY!! - Today i failed to exit into the rally on multiple occasions giving back major points. THE KEY IS TO WHILE THE RALLY IS IN PLAY. you may leave a bit on the table at times but you will catch the bulk of the move. If price has rallied prior to a 7:00 news release BAIL OUT!! Don't worry to leave money on the table, this is a high probability EXIT.
Stay Focused - Jump on solid Block bars at cycle turns, Today i missed a few very good entries that had block bars on synchronized cycles, minor distractions caused a half heated effort to enter and i
Manipulation Mondays - Today was a continuation of the Fridays trend, Notice when their is No or lite news as is often the case on Mondays, price can move in one direction on light volume as the campaign can be easily pushed. good to enter early and be patient as it could take hours to hit your target.
EXIT INTO THE RALLY!! - Today i failed to exit into the rally on multiple occasions giving back major points. THE KEY IS TO WHILE THE RALLY IS IN PLAY. you may leave a bit on the table at times but you will catch the bulk of the move. If price has rallied prior to a 7:00 news release BAIL OUT!! Don't worry to leave money on the table, this is a high probability EXIT.
Stay Focused - Jump on solid Block bars at cycle turns, Today i missed a few very good entries that had block bars on synchronized cycles, minor distractions caused a half heated effort to enter and i