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Trading Day Prep Work
Dow mini trading results - 07/11/08
The YM opened in another bad mood and spent the morning and lunch making new
recent lows and testing out that 11,000 level a bit. After the lunch hour it kicked into a
nice rally off the lows that was pretty heavy in volume. NYSE A-D turned around with it
until the bonds closed at 15:00 then settled back down to downtrend levels. It was so
heavy in volume late that it was difficult to work entries and the increase in volatility
expanded the stops and targets on the normal setups. Thats OK when it does that,
but its not fun when you don't adjust.
I had six trades total today and there really isn't a whole lot unusual about them to
mention (or is that just because its a nice sunny weekend now : > ). They were all
regular system signals on the 12-second chart working off a read on the 25x chart.
The first trade after the lunch period was probably the one trade I would take back. I
had a poor read on that and rushed into it a little early after sitting back down. It
turned out OK but the 25x was clearly not in a good spot for shorts based on its pop
and return to the MC. The later ones were mainly just raw trades in the direction of a
heavy move. The one loss came as a result of that volatility increase by not allowing
my stop to get very far from the minimum level. I was able to get back involved in the
same move after it got moving with my fifth trade and then once the move dried out
my last trade set up with a nice first signal on the 1x as part of the move back to the
25x MC. We closed the day right on that weekly crunchy at 11,089.
Overall it was a good week. Congratulations to those of you who are really catching
on in the room. To those who may need extra help be sure to set up some time with
me to do that. That is a regular benefit to you so take advantage of it.
(Here is the prior Post).
Results: 6 Trades Date: 07/11/2008 Gross Points This Week: 138 YM
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10:58
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L
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11045
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10:58
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11055
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+10.0-pts
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60%
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All Times EST
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* For rules refer to Scalping the E-mini's
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Looking towards tomorrow
The Pivot Trend Bias is DOWN so I will be looking for shorts early on a gap up and
stall and I will be using the 89-sma and A-D for trend direction.
The Declining Volume Ratio came in at 66%.That reading usually some follow
through. We firmed up in the later part of Friday so its hard to say how that will play
out. The PTB is not in line with the volume ratio so its a wash. We are getting blown
around on any babble that comes along on the market so we will just have to take it
all in stride and pick our spots. If we keep this really heavy volume, and thus
volatility, then we need to be careful not to try and toss around our normal stops and
targets because they just wont work when its so thick. Raise the targets and stops
a bit to make sure you are accounting for the volatility or stand aside until its
"normal" again. That shouldn't be too long.
If you are using Sierra Charts and want the automated alerts you can find them in
the Yahoo Group. The ones in the file titles system-alert.zip are the ones I use.
Have a great weekend! See you in the trading room. May God Bless you ~
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Good luck! Be sure to contact me through the links on the About Me page if you have
any questions. See my complete prep work for tomorrow.
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