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Trading Day Prep Work
Dow mini trading results - 05/10/07
The YM gapped lower today after pushing to new high levels again yesterday
following the FOMC announcement. We essentially gapped down to the max pain
point from the post news dance. From there we bounced towards filling the gap and
formed a 500tic system sell signal in the process. A-D was driving and it drifted back
off the fund level selling point up until the 11am Treasury activity where that 500tic
sell kicked in.
I didn't end up doing any trading yesterday although there was plenty of opportunities.
I just couldn't get things going with all the trading room activity when I finally got a
break from daddy daycare. Today was better though. My first trade was a loss on the
4tic. As it was walking that 500tic pullback up I was looking for a system signal to get
in. I was actually watching the 100tic initially and thats where I got hit but it did a DD
and I was able to catch it near its high again on the 4tic and carry that to the original
target. That is the best way to handle a DD. If you get hit on the first one carry the next
to the original target. Most of the time it will get you there.
The 20tic got separation (K8C9) during that move lower and right after my exit I
started looking for my entry into the first signal on it. I prefer those first signals after
separation when I can find them. Thats usually what I am waiting on most of the
time. The separation is more of a bonus than a requirement. In this case it did have
single swing divergence but not swing-to-swing so when I got the chance to enter off
of the 13,330 crunchy I took it. The trade went to target right away and formed
swing-to-swing divergence in the process. I stopped there for a bit as A-D failed to
make lower-lows with the YM.
After a bit we set up a new 100tic signal and I waited for it to get underway along with
A-D to make a NLOD and took the very next 4tic signal that formed. It gave the 10-pt
target right away and in hindsight had a lot more to offer but I was just glad to be
done by noon.
I really appreciate the kind emails some of you have been sending. It is great to see
so many of you reaching new levels. I am excited about the potential of that new
trading room format where we can do lessons off one chart and avoid talking about
time frames and data feeds and all that other crazy stuff. The results are already
showing up on many fronts, including my freedom of time : > Thanks again.
So far so good on a normal week despite missing almost 2 whole days with this Fed
babble. (Here is the prior Post).
Results: 4 Trades Date: 05/10/2007 Gross Points This Week: 52 YM
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10:12
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S
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13343
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10:15
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13349
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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 be using the 89-sma for
trend direction.
I have to plan to take tomorrow slow as I do after most any trend day. It sure would
be nice to see a repeat of last years post May FOMC activity though. So far we are
following script. Hard to see it do it again but sure would make things easier for a
while with my changing schedule. I have been getting up early again to trade
currencies since we are losing our daycare for my son again soon. Would be nice
to roll right into the equity open and be done early so I can focus on the room more
as the day goes on.
The Declining Volume ratio came in at 88%, which typically has some follow
through but is also pushing the extreme levels. Those high levels are normal
though for down days in early corrections. We will see what develops. There was no
reaction on the VIX today to speak of. As long as the ranges stay semi-wide we will
find a way to be happy. If your trend filters go flat and we start getting locked in these
thicker crunchies down here then just wait it out or play range.
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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