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Trading Day Prep Work
Dow mini trading results - 06/27/08
The YM opened mostly flat today but quickly rolled over to the downside extending the
weakness that we saw on Thursday. NYSE A-D wasn't really on board for the
downside move, which should have been expected since it was so far down on
Thursday. Those extreme levels rarely repeat and the extension of them makes
anything that follows pale in comparison. I came into today planning on playing
range and that is pretty much what I attempted to do. I had three trades and all were
in the morning on the deeper pullbacks in the 5-minute. All were longs on the
12-second chart as part of a read I had on the 5-minute.
The first trade was a play off the test of 11,400 and as part of a fade of the initial
reaction to the 09:55 news release. The initial reaction was down and that down
moved set up the ideal entry signal so I went with it. I was about two bars late on my
entry but there ended up being adequate room. My second trade was a play off the
5-minute HL that was forming at the time. I was locked into that mindset of finding
the edge early I guess. Each time when the 5-minute would get back to where I could
play trend I kept letting A-D lead me away from going that way. This second trade
didn't have as much room. I used the low of the signal bar as a limit entry to reduce
my risk and allow the room to play to that 11,442 crunchy area.
The last trade was also a play off the 5-minute HL that was forming. This was on a
smaller scale ( it was actually a 1-minute HL showing in the 5-minute). This one I got
into at market since it set up so deep and allowed my stop to be small yet a good
distance away from the minimum stop placement level. All three trades lasted about
a minute each. That was partly why I kept staying with that find the edge strategy. This
was my last trade of the day.
It wasn't a bad week overall considering I was only able to trade 3-days and missed
the best day of the week. Better than last week for sure. Next week will be a short one
also with the Independence Day holiday. I will try and work my schedule this week so
that I can be in the room more early in the week because it may get slow later.
Thanks again to all you folks you sent me feedback in the last couple weeks. Its
good for me to be able to keep track at how some of you are progressing since
starting with the system. I am impressed with the way most of you are working
through the training exercises and its amazing to me the contrast between those
who do them and those who don't in terms of the trading results go. Be sure to take
full advantage of all the resources available to you including the one-on-one time
with me when needed.
(Here is the prior Post).
Results: 3 Trades Date: 06/27/2008 Gross Points This Week: 79 YM
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09:58
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L
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11432
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10:00
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11448
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+16.0-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%.That reading does tend to have some
follow through but over a weekend and following Thursday's reading I will start the
day in neutral mode. We are forming new crunchies down in this area and we will
work on that in the room. It will be a good exercise for those who have not had the
crunchy tutorials yet. We can work with old ones but we might as well make the
most of the opportunity as we enter areas where we don't have any currently. The
daily chart is in prime shape to form some orphans and work back to that KC.
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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