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Trading Day Prep Work
Dow mini trading results - 06/09/08
The YM opened slightly higher today and spent the whole day consolidating in the
lower portion of Fridays big down day bar. After a move like Friday I always approach
the next trading day like its going to be a consolidation and if it turns into a nice trend
it is a pleasant surprise. Today's range was nice and wide swinging so there were
still some good opportunities to play inside it. A-D remained in range territory until
after the lunch period and once it did cross to trend territory it still never really got
anywhere as Friday's lows and the crunchy at 12,210 held it in check. I ended up with
just two trades today having missed a couple while working with a student in a
one-on-one lesson and one that I opted out of taking ahead of the 10AM news.
My first trade was a first long signal after the 5-minute had pulled back to its MC. The
entry for was on the 12-second chart. With the market being in a range and A-D very
neutral at the time I attempted to enter on the low of the signal bar to buy a little value.
I ended up getting in 1-tic above the low of the signal bar after misreading what that
low was. Still it was a bit of value and the trade worked out well. Buying that little extra
bit of value allowed me to get the swing below the recent swing low.
The second trade was the first system signal on the 1-minute chart that occurred
above the 12,210 crunchy test. In hindsight I barely got out of this one but it all
seemed good at the time. Just goes to show that the idea doesn't have to be great
as long as we follow through and manage our stops and targets well. This one had
a 14-pt stop and target as well. That wasn't enough to get beyond any swings so it
was placed in the minimal place that a stop can go. After this trade I stopped
watching actively. There were some good ones that came along after so I wish I
would have maintained focus but I was tired today.
I will be back in the room tomorrow so we can go over those in more detail if needed.
I have almost completed the video section of the members only area and will convert
this daily write up area to a Blog in the next couple weeks where folks will be able to
participate if they want. The Members area uses the same password as the live
room and I will send out the user names when its finished. Thanks again for those
who have helped me with this. It should be a great improvement for new and old
folks learning the system. I don't particularly like making the videos but they sure do
seem to help.
(Here is the prior Post).
Results: 2 Trades Date: 06/09/2008 Gross Points This Week: 28 YM
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11:08
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L
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12293
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11:10
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12307
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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 be looking for shorts early on a gap up and
stall and I will be using the 89-sma and A-D for trend direction.
The Declining Volume Ratio came in at 65%, which does tend to have some follow
through. Friday's bar was so large that we can consolidate inside it for several days
without really getting anywhere. I will plan on it being another consolidation day but I
will also try and be ready for some expansion if those Friday lows can hold for a
second day or if today's highs being taken out lead to some active probing into that
upper part of Friday's bar. Contract rollover is this week so Tuesday and
Wednesday may be the end of the week for me if it gets too slow.
If you are using Sierra Charts and want the automated alerts you can find them in
the Yahoo Group. The ones in the file titles system-alert.zip are the ones I use.
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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