Today we had a +3pt Reversal Gap + Rally to new highs prior to 1st Ti Sell off to PDC support@ 1611.75. We then rallied from there to put in higher highs breaking the 1621 price. We printed an EOT on the 5 minute with exhaustion and pro bars at the highs. Trading into the New highs is tricky with no bases for long term resistance so timing and trend is critical.
Recap Notes:
Trade Selection - Off Trading, Off Entries, Soso Exits, Off timing.
Sequence 1 Took a A(15/5 cycle nt trend) simple very poor timing, my analysis was totally off, price immediately move against the position and sold off more than 7pts.
Sequence 2 Simply very poor timing, my analysis was totally off, got caught again in a windfall, this time i was able to cut out with fewer loses but still not good.
Sequence 3 This trade i tried to catch the 2nd cycle down after the large sell off but price never returned reversing the whole way back to the original entry within 30 minutes.. CAN YOU SAY SHAKE OUT!
Sequence 4 This trade was a must, block bars on all Time Frames including 15m and 13500 printing at support. $TICK turning and VPOC building higher, Excellent trade and Exit
Sequence 2 Simply very poor timing, my analysis was totally off, got caught again in a windfall, this time i was able to cut out with fewer loses but still not good.
Sequence 3 This trade i tried to catch the 2nd cycle down after the large sell off but price never returned reversing the whole way back to the original entry within 30 minutes.. CAN YOU SAY SHAKE OUT!
Sequence 4 This trade was a must, block bars on all Time Frames including 15m and 13500 printing at support. $TICK turning and VPOC building higher, Excellent trade and Exit
ADJUSTMENTS & OBSERVATIONS:
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.
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.