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Trading Day Prep Work
Dow mini trading results - 02/20/07
The YM opened lower and continued to have decent selling until it found the 720
crunchy area and put in a decent volume spike there. From there it made a "V"
bottom and rose the rest of the day making new highs in the process. The range
came in at 111% of the 20-day average after a 2-day period that saw under 50%
readings.
I came into the day still with a long bias and probably will until I stop seeing people
picking tops. I was able to play one short trade in the early selling and was looking
for one more to play the swing that makes the HL but since it made the "V" bottom it
never formed. Later I was able to get into a few long trades and they moved well. It
was fast at times so I stayed with the lower time frames. All trades except my second
trade were on the 4tic and the second one was on the 20tic.
It was a nice day in the room and I appreciate all the nice words from those who took
the time last night. I am happy to see very few top pickers in there. The scenario we
talked about Friday afternoon is exactly what we saw today. I posted the chart of my
first trade in the group this morning so those of you who are new and learning the
filters we use can see another example.
Not a bad start to a short week. Hopefully we can keep it active for a few more days.
(Here is the prior Post).
Results: 4 Trades Date: 02/20/2007 Gross Points This Week: 26 YM
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09:39
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S
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12775
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09:40
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12769
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+6.0-pts
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80%
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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 FLAT so there is no bias and I will using the 89-sma for
trend direction.
After a large range day we may see some contraction tomorrow. Probably will
depend on the news, which gets heavier as the week goes on. The Advancing
Volume ratio came in at 58%, which typically leads to some follow-through.
Tomorrow is Wednesday so I will be in and out but be watchful again of not getting
married to the short side until the market can bleed out these top pickers. When its
time to get active in that direction the market will barely let us and you will see the
bottom pickers waltzing out. A-D will have readings in the <-1500 area. Until then
just be patient and take what it gives you. Draw your crunchy lines on your
60-minute and daily charts and be mindful of them as the market nears them.
I will continue to be using the 8K9C filter for my primary trading and as the teaching
tool in the room. It is going well and seems to have helped most people clear up
the mental cobwebs and focus on an easy to see and use filter. If anybody is
struggling on this I encourage you to contact me either in the room or by email.
Have a great day! See you in the trading room. May God Bless you ~
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Those who are joining the intraday trading room please feel free to ask questions
on anything you are trading or any system related questions you may have.
I started a new yahoo group recently. It is to facilitate the distribution of the
newsletter. Use the form above to join. There is no reason for users of the system
to join as you already have access to the private room.
I recently uploaded the Trading-Focus audio and posted those links in the Yahoo
group for those who want to use it.
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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