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Trading Day Prep Work
Dow mini trading results - 07/23/07
The YM opened higher and maintained an upward bias throughout the day despite a
rather tame A-D and what was overall a consolidation after Fridays nice drop. I wasn't
looking for much to happen today with no news so I started the day out playing with a
range mindset. That cost me on my first trade but the loss there offered good
information about the strength and triggered my alternate plan to play toward the
crunchies above the 14,003 level.
My first trade was an attempt to catch a 5-min roll using the 12-second for a system
signal take-it. It stopped fairly quickly and I took the first system signal to the long
side on the 12-second after that and held it nearly until the end of the day while
unloading on crunchies throughout the day. I like that sort of trade where I can quickly
get to a net positive position where only good things can happen. I let my stop hang
down below the trend filter on the 5-minute once it came in range. See, if that trade
had stopped out I would still be net positive because I unloaded the majority much
higher (14,029 and 14,043) and the taking out of the stop would be beneficial
information about the current strength and likely offer opportunities going the other
way.
I added to the long position late in the day on a hair brained attempt to run for that
open gap at 14,051 into the close. My entry left room for a decent target had I used
my fixed targets but I was aiming higher. The fact that I am off the rest of the week
after tomorrow may have had me forcing things a bit. Anyhow, I closed that trade and
flattened all long positions as I went short on the exact same setup that had failed in
the morning but this one was ready and it went for my target down 31-pts away. I
unloaded in stages as well on this one (14,016 and the 14,003 crunchy).
Overall not a bad start to the week. I enjoyed the room today and look forward to it
again tomorrow. We have a really good mix of people in there and the live charts
enhance the learning aspect...even for me through some of the questions I get. If you
are still in the old room I encourage you to stop by sometime.
(Here is the prior Post).
Results: 4 Trades Date: 07/23/2007 Gross Points This Week: 44 YM
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10:51
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S
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13992
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10:55
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14002
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-10.0-pts
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100%
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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 look long initially and I will be using the 89-sma
for trend direction.
The Declining Volume ratio came in nearly flat so its a non-factor for tomorrow.
There are a few news items early on and earnings babble as well so that may help
get things going. Lets just make our read early and try and work out a couple good
AM trades while things may be moving. As I said tomorrow is likely my last day this
week except for my FX trading so I just want to get in and get a couple high
percentage plays if they are setting up. That daily MC is still blinking at us from
below now so a play toward that would make a really nice day or week even.
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 week! 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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