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Trading Day Prep Work
Dow mini trading results - 10/15/07
The YM opened flat but quickly resumed its daily pullback with aggressive selling on
fairly wide participation as represented by NYSE A-D. It wasn't as weak as we have
seen in some of the early pullbacks we saw this year but the initial fall set the
directional tone for the rest of the day.
I tried to buck that tone early with my first trade of the day as the 5-minute formed
some orphans and I attempted to play back to the MC. It turned out to be a good loss
though as I had a plan B ready for a quick entry back toward the daily MC once the
recent lows broke. That second trade gave me a total of 86-pts before getting flat with
the majority of that coming off on my fixed target and the daily crunchy at 14,045. I left
just a small position on for the 14,008 crunchy and after tagging it without a fill as
part of the early fall it finally filled over the dead-zone.
My afternoon trades were quick scalps in what was a cooling market after the early
trend. The first one after the DZ was off the 5-minute MC using the 12-second for a
take-in. I had a late entry on it but it worked out OK. The fourth trade was a first signal
outside the consolidation area I had defined. It didn't do much else beyond my target.
We came right back through the consolidation area with some zip and I took the first
signal going the other way. That one was pushing it with the time of day and it hit me
and didn't leave enough time for the re-entry which is part of my normal routine on a
DD.
Not a bad start to the week. That big trade helped a lot and I am happy with how
predictable those are getting to be. Its nice to be able to play to that second crunchy
off in the distance. From the sound of the feedback in the room those are things
many of us are getting better at. Tomorrow with the likely consolidation we will have
lets try and spend some time honing some of your entry techniques since that was a
topic late today. Thanks again for the feedback and testimonials. Its nice to hear that
our efforts as a group are paying off for a lot of you.
(Here is the prior Post).
Results: 5 Trades Date: 10/15/2007 Gross Points This Week: 50 YM
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10:25
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L
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14120
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10:29
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14110
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-10.0-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 75%, which does often show some follow
through. The daily is at its MC now and after a day like today I will expect and gear
up to play a consolidation. If it doesn't want to consolidate then even better. Just try
not and play today's market tomorrow. Let it prove to you that it wants to trend. The
next crunchy below is 13,962, which we effectively hit today on the lows but I tend to
treat the levels as a specific mark unless it is a daily crunchy. Otherwise its all just
pretty crunchy and not worth the effort to do them the same way every time.
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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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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