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Trading Day Prep Work
Dow mini trading results - 05/15/07
The YM opened slightly higher today and spent the morning and lunch periods
working through a five wave cycle into new highs before rolling over and giving most
of it back in the afternoon. Volume was decent compared to recent days and the
range came in at 140% of the 20-day average. A-D also started the day pushing
trend levels and spent the rally maintaining the levels despite some testing down
into the range area early on, creating what eventually played out as an "M" pattern.
When the Dow pushed new highs over lunch the A-D made lower highs and that
opened up the door to some good selling as the DZ came to a close.
I couldn't have asked for a better situation because I didn't even sit down to trade until
after 13:00 and I had a 20tic sell signal right away. I obeyed my DZ though and
fortunately the signal was still developing at 13:31 when the DZ ended. Someone in
the trading room helped me pick my target which happened to be the spot where a
LL would be made. I probably should have held it longer given how clean things
were coming across but I usually try and keep my plays against new-highs with light
targets unless the rug is just completely pulled out.
My next trade came not long after and it was also on the 20tic. It had a look that was
almost the kind of divergence that would stop a trade but it was too close to call and
the 100tic had some more room to play so I just waited for a slightly deeper signal
and hopped on. That one went immediately to target without even blinking. I couldn't
have adjusted anything had I wanted to.
Not a bad 30-minutes of work and start to the week. I missed Monday totally so have
some ground to make up. (Here is the prior Post).
Results: 2 Trades Date: 05/15/2007 Gross Points This Week: 24 YM
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13:31
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S
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13495
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13:40
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13481
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+14.0-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 UP so I will be looking long initially and I will be using the
89-sma for trend direction.
Still nothing happening on the VIX. Its options expiration and payday week so with
luck we will have a good couple days ahead as more news rolls in. The top-pickers
are getting more vocal so its hard to get a good read. Just from the perspective of
expansion length and the orphans on the daily/weekly I would think we are
approaching a good spot for a pause but with the top-pickers only now showing up
who knows. Normally they are hurting themselves longer and starting to quiet down
about now. The ones I usually follow may just be getting better at their reads...and
them being my read, well...makes for interesting times : >
I started my new schedule this week and it is going to be a challenge but I will pull it
off somehow. I don't want to lose much of my trading room time especially when so
many are making progress.
The Declining Volume ratio came in at 57%, which typically has some follow
through. Lets let the news get things going and go in small tomorrow and grab a
few bits here and there. If the rug does get pulled then increase your targets and let
it ride until you see A-D losing ground in the battle. If the top-pickers show up
gung-ho then consider waiting for some good longs off some of the crunchies
below using system signals after LTM divergence unless A-D is in fund level trend
territory and holding it.
I will continue to be using the 8K9C filter for my primary trading and as the teaching
tool in the trading 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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