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Trading Day Prep Work
Dow mini trading results - 02/05/2010
The market opened nearly where it left off yesterday and right at the open it rose back
to the 9,992 crunchy that it spent most of yesterday afternoon chipping away at before
breaking below in the final hour. This morning's test was quick and clean and from
there it fell and started working on the 9,928 crunchy until it cleanly gave way as the
lunch period began. Once it did clear that level it found the depth of the last major
daily pullback of 811-pts from early summer. In the process of doing that the NYSE
Net Volume was making a positive divergence that was significantly higher than
yesterdays levels and by the closing hour it had bounced off the 9,810 crunchy and
begun a late squeeze back nearly to where we began the day.
We had some heavy snow here this morning and I ended up having to run my family
around so I missed the morning session and ended up having two trades in the
afternoon. The first was the first sell below the 9,868 crunchy after the lunch period
ended and it went to target pretty quick. If I were more familiar with the market up to
that point I might have known to let it go to the crunchy below it but I went with the
scalp level target instead. The second and final trade was the first long in the closing
hour that did not fight divergence after that squeeze had begun. It too had more room
but with those I usually just take repeat bite sizes and in this case with the 9,928
crunchy back above I just played into it and called it a week.
It looks like a light news week so if we get some light days where we are just waiting
lets take advantage of the down time and get some work done on some of your 2010
goals. I have still not done mine yet so I am focusing on yours for now. I appreciate
the time that some of you have taken lately to send your trade write-ups and charts to
me for review. Its nice to see the progress that results from your hard work. Keep up
the good work and be sure to get all that you can out of the room and other avenues
of support available to you. Go Colts!!
(Here is the prior Post).
Results: 2 Trades Date: 02/05/2010 Gross Points This Week: 90 YM
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