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Trading Day Prep Work
Dow mini trading results - 01/29/2010
The market opened higher this morning and moved up from there for most of the
morning to the crunchy at 10,193 forming the head of a head and shoulders pattern.
From there it went back down to fill the gap bar and over the lunch period the right
shoulder and then later breaking the neckline into the close as it worked back to the
10,000 level and 9,993 crunchy.
I just had the one trade this morning since my weekly goal was met even before
coming into the day. It was the first long above the morning edge on the last push up
to the 10,193 level. I exited as it got in that area and called it a day because I was
starting to get questions in the room that were taking me away from my focus a bit.
Next week looks like a pretty good news week so hopefully we can get most of our
work done in the morning and then use the rest of the day to work on some of the
things that you folks in the room are trying to accomplish here in this new year. It is
nice to have a little volatility back and I know some of you have struggled with the
transition from slow to fast so perhaps that is something we can go over and how to
prepare for that. Be sure to use our time there to get all your questions answered.
That is what that space is for.
(Here is the prior Post).
Results: 1 Trades Date: 01/29/2010 Gross Points This Week: 99 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. I will start the day in range mode and let it prove
otherwise. If we gap up then I will lean towards sells early since the PTB is down.
The Declining Volume ratio came in at 68%, which usually has some
follow-through. The daily chart has popped the lower channel line this week for the
first time since June and it was the most convincing pop since the rally off the lows
this spring. It is now at its first daily support level in the pullback and the next one is
about 250-pts below around 9,750. Due to the slow period we just came out of the
intraday levels are fairly close above so if we bounce here and it is not very fast then
we will have some tight playing between those levels. I have no preference headed
into the week as long as it is moving well.
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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