- some notes from my trading journal: - market opened above VA & yesterday's range, with a gap up (theory: a gap is an invisible tail, strong presence of the OTF from O/N session), being rejected from the top of the range and creating a buying tail early in the morning (theory: a tail is much powerful if it's created early in the session), all these were strong evidences of the OTF buyers being present. Daily structure evolved into an steady uptrend, pictured by time periods with HH & HL, with further RE in subsequent brackets, as well as double TPO's at the high (2 sets) each being taken by the next bracket. The presence of sellers wasn't aggressive enough.
- after the buying tail was confirmed, I entered long @1199.50 on a pullback in G period and after holding the trade for more than 2:30 hours I exit @1203.00 for +3.50 points. All these hints given by the developing structure during the day kept me in the trade with calm and confidence. I have a lot of work to do in managing the trade; lot of work to do on focusing after exiting one trade.
- obs. on ledge formation: - in the O/N profile (3rd MP chart) we can see a large ledge structure at the bottom of the profile, and during the Globex session there was a break out to the upside from that ledge. Theory: the ledge is an indication of balance & there is a high probability of a break out from ledge, trades should always be placed in the direction of the break out.
- obs. on the form of the profile: - elongated profiles are healthy signs that trade is being facilitated at current levels.
- Wednesday 14/04 is merged into weekly profile, actually is just a RE - price closed above VA in the upper area of the structure
- VA was built higher and located in the middle of the profile
- VVA is located in the upper area of the profile and the VPOC@1206.00
- we have a buying tail @1197.00-1196.00, on the daily profile from, which on the W profile is a singles area, might act as S/rejection area (if the buyers are still there), area is a LVN
- we have a singles area @1205.75-1205.00, which can be treated as initial S if still defended by buyers
- we have a NPOC@1190.75 from 12/04
- initial S=1205.00-1205.75 singles area/LVN/rejection area/VPOC
- S1=1204.25-1204.50 hVN/VAH
- S2=1201.75-1201.50 LVN/POC
- S3=1198.50-1198.00-1197.50 VAL/HVN/WVAH
- S4=1196.00-1195.75 LVN/WIBH
- initial R=1207.50
- R1=1212.00-1213.00 from pivot farm
- econ news:
- 8:30 unemployment claims expected better/high
- 8:30 empire state manuf expected better/medium
- 9:00 tic long term expected better/high
- 9:15 capacity utiliz expected better/medium
- 10:00 philly fed expected better/high
- I have to find a form for my morning scenarios to post & track them
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