Today we had a +6pt Gap off Globex momentum + Open Decline to Strength = Subseuent Rally to the 1st Ti. The rally pullback and again retested the highs @ 1659 continuing this action till the 2nd Ti. We then sold off on the heels of Block bar at the peak on the 15m. The premise of Strength was based on the 135m and the 40500 Tick charts that had a cycle sync, both printing PB in trends so the EOT in still in play.
Recap Notes:
Trade Selection - Great Trading, Good Entries, Great Exits. (Trade Of the Day)
Sequence 1 Today I had a strong premise that played out in early in the globex and pre-open prompting me to jump in without a real cause other than open momentum and a break above some profession bars on the 1500. However as price declined to the zero line i had the presence of mind and confidence to get more on. I then followed up with max add on at a 15 single cycle that printed Exhaustion on the 5 minute after a high volume down bar closing off the lows. The risk was holding through the news.. As the news released we got whipsaw but in a narrow range and price never moved below my comfort zone, this is typically an indication of resumption of the immediate trend direction prior to the news as strong holder held their longs from PDC and the globex session. Overall trusting a very solid premise allowed me to take special risk with and opportunity for gain.
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.