|
Trading Day Prep Work
Dow mini trading results - 04/08/2010
The Dow opened back on the lows of yesterday's afternoon sell-off. It was right back
in the middle of that tight daily closing range we were in for a couple weeks before
leaving earlier this week and soon after the open it acted like the level was a hot
potato and rose out of there throughout the day and ended up closing within reach of
the high of the day. NYSE A-D started in downtrend mode with the gap but came back
into flat levels with a 1,500-unit swing up. Volume was light on the day but the volume
spiking into that tight daily closing range (blue area) may help us continue up at least
for tomorrow and see about testing that 11,000 level.
I had three trades today and the first one was the first long above the upper edge that
wasn't blocked by news releases or divergence. It still took forever almost to get to
target due to the pace but it got there. The second trade was the first long above the
10,880 crunchy that was setting up after I returned from lunch. It too took a long time,
which has been typical lately when holding out for normal targets. I was getting in the
habit of exiting on divergence a lot and I didn't like the way that was going. Even
though it kept the win rate pretty high it had to be because the stops were not getting
smaller like the targets were so I am just letting them grind it out now if I can on the
trend type plays. I will still exit on the divergences in the range plays. The last trade
was one I forced near the close. I though I had a good shot of catching some zip on
the first long after the 5-minute pullback and retest of the 10,880 crunchy level but it
didn't launch before I had to go and with it being the end of the day I didn't have time
to wait it out. It cost me a couple tics on the exit and it wasn't at a great time of day to
try that, but I liked the look.
I lost another computer last week and its made this week a little rough. Thanks for
your patience in the trading room during that transition. I will have the new setup
mastered by the end of this week. Thanks again to those of you who are taking the
time to send me you trade results and trading business plans for review. I am
impressed by the detail and work that you are putting into them. I will do my best to
keep my eyes out for your setups in the room too. Its always nice to have some extra
eyes on them where possible. Most of them are the same setups that I look out for
already. Keep up the good work and be sure to ask for help when you need it. That is
why I am there.
(Here is the prior Post).
Results: 3 Trades Date: 04/08/2010 Gross Points This Week: 86 YM
|
|
|
|
 |
|
|
|
* For rules refer to Scalping the E-mini's
|
|
|
|
All Times EST
|
|
|
|
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
unless we set up a good go with the gap play at the open.
The Advancing-Volume ratio came in at 63%. That level does usually have some
follow through. I will treat the non-confirmation between the PTB and the A-D volume
as a wash and just look for same ranging with that tight daily close consolidation
area as a backdrop for both directions. Longs above it and sells below it, and
misery inside it. Yesterday's volume was the nicest in a while. With earnings
season kicking into gear I hope we will see it pick up more regularly for a period of
time.
Take things slow tomorrow and let the natural filters open up or block your trades. If
it is terribly slow in the afternoon I may just work a half day.
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.
------------------------------------------------------------------------------------------------------------------
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.
|
|
|
|
|
