Today we had a - 1.5pt Gap into Strength that held printing a block bar off the pre-open lows signalling high prices. We rallied to the 1658 area, before declining at the 1st Ti on News. Here we tested support @ 1650 putting in a profession absorption bar. We than began building a coil for breakout after the 2nd Ti hitting a high @1658.75 prior to printing an End Of Trend on the 15M. with the strength of this current market another test of break of the highs wouldn't be surprising.
Recap Notes:
Trade Selection - Good Trading, Great Entries, Very Poor Exits. (Trade Of the Day)
Sequence 1-4 Today I had a strong premise that played out in wave for the most part of the day, i was able get solid entries on most the sequences missing a few good add on opportunities. However the caveat of the day was the exits. Maybe the worst day for exits ever... Had trades move into highs on multiple occasions but half heart fill attempts and refusing to EXIT INTO THE RALLIES cost me BIG TIME!! While we turned a solid gain on the day. we left more than the bulk on the table.
ADJUSTMENTS & OBSERVATIONS:
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 wound up NOT getting anything on.
Trust Your Signals on the higher Time Frames - Block bars on the higher TF's that hold are Specialist positions and must be trusted. Today i trusted what i saw in the background of the 40500, and 13500 tick charts. price testing these areas and held, we eventually got a good 5+pt rally from the lows.
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 wound up NOT getting anything on.
Trust Your Signals on the higher Time Frames - Block bars on the higher TF's that hold are Specialist positions and must be trusted. Today i trusted what i saw in the background of the 40500, and 13500 tick charts. price testing these areas and held, we eventually got a good 5+pt rally from the lows.