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Trading Day Prep Work
Dow mini trading results - 01/15/2010
The market opened lower this morning and right away started pushing in the gap
direction while forming the upper edge. NYSE A-D opened neutral and as the edge
formed it pushed towards trend levels, which was a nice thing to see since we have
been gapping to our trend levels so much lately and that does not reveal nearly as
much about the market as when it does the work after the open.
I have three trades this morning and one too many as it turned out. The first two were
off the same impulse move on the 5-minute (25x). The first being the sell as the
potential edge was forming soon after the open. I wasn't see things as being too
quick then and with a crunchy just below I exited as soon as there was something to
take and the divergence had formed. I then waiting on the news reaction and didn't
see any so the first sell below the 10,624 crunchy opened up and I took that. It was
moving fast then and I used the next crunchy as the target. The last trade was my
only long and it was the first long I could take off the 10,558 crunchy once it had
stalled out there for a while. It went against me pretty quick but ended up taking a
while to get to the stop. I ended the day there since lunch was approaching and I was
at my goal.
Next week is a short week with the holiday Monday but hopefully we can get some
good work done in the room. Be sure to ask for all the help you need there and don't
feel the need to wait on quiet times or the end of the day. Its best to use the chart
unfolding now and get that hard right edge work in if we can. Looking back at a chart
is never as effective as looking at what its doing right now. Thanks again for your
feedback in the room this week, I can tell its going to be a good year for many of you.
Keep working at waiting on our favorable market and it will take care of you.
(Here is the prior Post).
Results: 3 Trades Date: 01/15/2010 Gross Points This Week: 84 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 DOWN. Today made a five day low back to the upper edge
of the daily consolidation we just left. I will start the day in range mode and let it
prove otherwise. If we gap down then I will lean towards longs early since the PTB
is up.
The Declining Volume ratio came in at 82%, which usually has some follow-through
but with the long weekend there is not really a continuum like we have with day to
day activity. We closed in the upper 50% of the day as well so that follow-through
has a lot more chance of playing out without having to contend with todays lows. We
have a couple crunchies above us now as well so I will watch how they hold early
and plan on working off them or above them if we are moving strong off that daily
range test.
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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