Trading Day Prep Work
Dow mini trading results - 05/30/08 - No trades taken
The Dow really tightened up today spending almost the whole day in a 40-pt range
largely centered around the crunchy at 12,647. There were decent signals off the edge
but the pace was such that it was hard to stay motivated. This was unusually tight and
a good confirmation that I should be trading summer hours now. Below you can see
how well these 30-minute crunchies have been holding things in. They continue to set
up decent system signals off them. These are the ones we drew as a group in the
webinar about 3 or 4 weeks ago.
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Here is a look of how tight it was from the 5-minute view. The red lines were
crunchies drawn on activity leading into the day from the pre-market. Price was
contained in that span until the very end of the day. Maybe that late pressure will help
us find our way in an expansion on Monday. The daily chart has worked back to its MC
from below and it would make sense for it to find some downward pressure off of that
area.
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(Here is the prior Post).
Results: 0 Trades Date: 05/30/2008 Gross Points This Week: 64 YM
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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 for longs initially on a gap down that
firms early and I will be using the 89-sma and A-D for trend direction.
The Advancing Volume Ratio came in at 54%, which is pretty neutral but does
usually have some follow-through. On Monday I will plan on it being a range and
adjust to trend if its moving. If you are not actively using the crunchies to help frame
the area you take the system signals from then I encourage you to start learning
those. They are easy to do and add a lot to your trading with or without the system. If
you need help on them just let me know and we can do another walk-through on
them in the trading room.
If you are using Sierra Charts and want the automated alerts template you can find
them in the Yahoo Group in the files section with the name system-alert.zip.
Have a great weekend! See you in the trading room. May God Bless you ~
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Note:I am in the process of updating my website to make my life easier and to
better help you folks learn this. Please accept my apologies as I make these
changes in the coming weeks. No access will change for members, I am just trying
to make it easy to update things so that I can do that and also spend time with my
family instead of making a choice between the two. As you can see from the logs the
site loses that battle about 10 times out of 10. When I do update the site there is no
battle at all : >
What will likely end up happening is a move more towards daily (or nearly daily)
video updates of the trading day and less of this typing stuff on this clunky Yahoo
Sitebuilder editor. It will incorporate a Blog as well so there will be some similar
updates but the Blog will allow me to get them out quicker and in more detail. If a
Wordpress blog expert happens to be reading this and is willing to look at
something for me I would appreciate a contact via email.
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