We are OPEN at 3977 out of range and value from yesterday’s high at 3970.50. We closed the Gap really quickly, meaning that higher prices are rejected. Furthermore, we traded right down to 3962.75 TPO value area high from yesterday. When trading down to exact levels, usually shorter timeframe traders are in control. Short term traders usually don’t typically move price to new levels, they trade to exact levels. 3963.25 was TPO Value area high yesterday. With 23 points, we are having a small IB again. We have had two range extensions to the upside so far in B and C period. We are past the overnight high as well. See below the 30-min chart, it went up all day. The range for the day was 49.75, fairly small. Settlement was at 4010 ! We established price and value higher from yesterday, but we are still in the middle of the balance area we have been in the last 9 days (see TPO chart below)! Candle wicks were long on the 1-min chart! Volume lower than yesterday and the last couple of days, getting ready for Thanksgiving.
Funkiness was further exemplified by the holes/anomalies in the profile.
Missed trades: open trade short would have been good one but I fumbled.
We are still in balance over the last couple of days, the SMA is 20, 50 and 200. Notice that Volume is decreasing. The
First Trade LONG:
Footprint chart and delta also aligned nicely:
Lesson learned: should have taken profit at least for one contract at -.23 and leave second one on, take a take profit at 16 points or -.213
What speaks in favor of a long? We have had range extensions to the upside, but we also have closed the gap (which was small).
2n trade, short:
Footprint chart was ok but once I entered trade was inconclusive, should have exited then.
We had two range extensions to the upside, should have waited for another range extension and then taken the short on the bounce down.
Why I did not take the 50% retracement short trade from the high in H & I period @ 3997.
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