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Trading Day Prep Work
Dow mini trading results - 05/28/2009
The Dow opened higher this morning and ran into trouble right at the 8,365 crunchy
where it formed the upper edge for the day. I was in early and ready to go after being
off all week on other projects and took an earlier than usual trade for me. It was an
attempt to play off the crunchy from above after a not so great break of it. The trade
got hit almost immediately. After that I considered it a range day and waited for the
other edge to form, which it did at the 8,267 crunchy area. My second trade was the
first long off that edge that was not fighting divergence. That got me back to square
one on the day and with my next two trades I reached my goal and should have been
done but in the afternoon a trade set up on my favorite time of the day. It was not the
nicest looking trade since the 25x was fighting to come back in the channel after
making a pop but I will almost always take those signals that I see form around
15:08. Having took that trade and getting hit I waited until the 15:30 monkeys cleared
the way and then took the first signal off the 25x MC, which was also a nice test of the
morning range and W formation that formed during it.
It is a two day week for me so I am not expecting to reach my goal and will try not to
force it tomorrow. If we break the daily range I will get aggressive but otherwise will
keep picking my spots carefully. Be sure to ask for help in the room when you need it.
I have the live charts going for discussion and with the market slow we can cover a
lot of ground this summer in terms of lessons if people need help and make it
known. There are plenty of trades still we can walk through, we just have to not force
things while we are confined. Thanks again for all the feedback some of you have
been sending. I am glad things are coming along, despite the slower market.
(Here is the prior Post).
Results: 6 Trades Date: 05/28/2009 Gross Points This Week: 69 YM
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* For rules refer to Scalping the E-mini's
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All Times EST
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Looking towards tomorrow
The Pivot Trend Bias is FLAT so I will be looking for potential edge type plays and
and I will be using the 89-sma and A-D for trend direction.
The Advancing Volume ratio came in at 66% today . That level usually does have
some follow through so there may be some upside pressure at some point. If it
overnight with a gap we will have to be careful since it better to work at moves
during the day than having the work done while we are sleeping. I will try and get a
read on the volume, which was pretty good today compared to other days lately, and
see if there is any leaning to be working with. I will call it a day early if it is terribly
slow. The W project from today on the 5-minute is up near the 8,454 crunchy.
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.
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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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