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Trading Day Prep Work
Dow mini trading results - 02/19/2010
The market opened down this morning and with yesterday's expansion day I treated
it like a consolidation day by drawing the morning edges and waited for opportunities
to play around them. We stayed slow the whole day for the most part and in most
cases there were crunchies or other obstacles in the way of a lot of the plays. I did
find three plays by the end of the day and was happy to call it a week.
The first was the first long above the upper edge and I exited it as it formed a high
volume bar into the push towards the 10,403 crunchy. The second trade was the first
long above that level and I tried to walk my target down to 10-pts but it didn't get there
on either of the two pushes it made and I eventually had to exit with a small loss as
the DZ started. The last trade was the first sell below the neckline of the head and
shoulders pattern that developed over the lunch and early afternoon. I exited as it
formed the divergence and gave a small target. As usual I tried to play things pretty
tight and light due to the range read. We did end up expanding more over yesterday
and now the daily chart is at a good decision point where hopefully we see some
acceleration in either direction and a return to some decent volume as this week was
rather light.
I have posted a new link in the trading room bulletin that highlights almost all of the
common setup looks that I use and I will keep adding different views of those same
setups in that same place going forward from our work in the room. Thanks again for
your participation in the room. I am glad that a lot of you are making the most of the
time there and making good strides in your trading businesses. Please ask
questions and bring your trades to discuss. Repetition reaps rewards and the best
way to do that in trading is to specialize in a couple simple things and just train on it
a lot and to use the resources available to you to get help and hone your craft.
Thanks again for the great feedback.
(Here is the prior Post).
Results: 3 Trades Date: 02/19/2010 Gross Points This Week: 89 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 UP. I will start the day in range mode and let it prove
otherwise. If we gap down then I will lean towards buys early since the PTB is down
unless we set up a good go with the gap play at the open.
The Advancing Volume ratio came in at 59%, which tends to have some
follow-through. The daily chart is right at its upper channel line and has made a
higher-high this week on the way to testing that area. We still lack a higher-low and
from where we are the daily is in a good place to either get fast up or down so it
should be interesting to see which plays out. If it doesn't come off this level pretty
crisp then it may get ugly in the chop so take things slow until you know what you
are seeing. I will miss a couple days this week while getting a house ready for a
tenant by the first of the month, but hopefully there will be some plays left on the
days I am able to work.
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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