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Trading Day Prep Work
Dow mini trading results - 07/20/07
The YM ended the week with a nice solid down trend setting up a large number of
nice system signals. We opened with a gap after some earnings babble and there
was no other news set to be released so the selling just snowballed a bit for
two-thirds of the day. A-D was putting out trend level readings and that helped keep
our focus on playing system signals to and from crunchies from high to low. We
started near the one at 14,003 and then moved to the others at 13,968 and onward to
13,924. It found traction over the lunch period just shy of the crunchy at 13,854 but
not before allowing the daily chart to work back to the UKC line.
I started the day a little hesitant to play for a big trend day simply because there was
so much negativity and people in the room seemed so sure it was going down
because of some earnings report or something. I don't follow those details as much
as peoples reactions to them. Anyhow, that mindset kept me from trailing my first
trade which was a nice looking short that triggered a system signal right on the
neckline re-test after a H&S on the 12-second chart. It was a 5-minute signal but I
like to use that 1/25 time frame to fine tune into it like I have been showing in the live
trading room. It did allow a little more than the standard target because I was able to
play to the point where divergence formed. Had I not been preset in my thinking that
with so many people scared silly that its likely going to go up I would have been more
open to see the early weakness. Those same people were picking bottoms all the
way down so they ended up helping in the end as a guide for when the trend would
end. When they started to look short it was pretty much over.
My next signal was pretty much the same signal just without as much pullback on the
5-minute. The 12-second took me into it as it did with all my trades this week. I used
my fixed 10-pt target on it and the rest for the day. The third trade was my one loss
today and it almost had enough stop on it to squeak by but it nailed me to the tic. The
re-entry, which was the next trade, went much better. It needed some more time I
suppose. Its important to take the re-entry if the reason has not changed for the trade.
I didn't trade until Thursday so considering it was a two-day week and I got half my
goal I am happy. (Here is the prior Post).
Results: 5 Trades Date: 07/20/2007 Gross Points This Week: 99 YM
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09:51
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S
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14015
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09:54
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14001
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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 DOWN so I will look short initially and I will be using the
89-sma for trend direction.
The Declining Volume ratio came in at 86%, which usually leads to some follow -
through but is also near extreme levels. With the weekend between us and Monday
I will not put a lot weight on this tool. If the daily doesn't take a bounce off this UKC
line then the MC is about 170-pts lower and there are plenty of attractors down there
if it gets started.
I am still working on this house rehab project and that is taking a couple days a
week away but I plan on being the room as much as I can. I will be there most of
next week for sure. When I am away with that project I do a lot more spot FX trading
since its easier in terms of charts and time of day with that schedule. I will try and
get some of those charts posted up here next week as examples of what I have
been doing there. Its all just simple system signals but some of the chart mods I
have used to fit Oanda may be helpful to others.
If you are using Sierra Charts and want the automated alerts template let me know.
I will either send them to you or I can upload them to the Yahoo Group. The few
people I have shared them with are giving great feedback. I set them up for the
benefit of the room but I have to admit I am finding them useful as well. As a great
philosopher once said..."one less thang."
I will continue 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 weekend! 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.
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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