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Trading Day Prep Work
Dow mini trading results - 04/22/2010
The Dow opened lower this morning after some pre-market news releases and
found support on the 10,969 crunchy soon after the open ahead of the 10AM news.
After the 10AM news the market started working higher and did so for the rest of the
day eventually send the NYSE A-D to uptrend levels into the close after opening in
downtrend levels. That was a full market retreat from the sell side at least for today.
With us so close to last Friday's high again we could see another attempt on them
tomorrow.
I had just one trade today and it was right near the open as after we gapped down. It
was a go-with-gap type setup where I play in the gap direction in the first few minutes
if a signal forms and is not obstructed by levels or divergence. That setup can be
found in detail in the charts in the trading room bulletin if you have not trained on
those yet. I will try and make a video of that one and swap it with the static link above
over the weekend. I didn't have time tonight to do it. That trade was the last one I took
today. I pretty much shut down when that crunchy wasn't taken.
I missed the first two days this and I am glad it worked out that way so I could be
here for the end of the week. I have been missing the good news days the last few
weeks. The market has been pretty quiet lately so lets use the room time as best as
we can to work on areas that need improved in your trading. Bring your trades and
questions and make the most of the time. We should also look more at the Euro
during the day when the Dow is too slow. Its been filling the void for me pretty good
lately. Thanks again for all your feedback. I am glad to see so many of you doing well.
(Here is the prior Post).
Results: 1 Trades Date: 04/22/2010 Gross Points This Week: 81 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 Flat. I will start the day in range mode and let it prove
otherwise. If we gap up or down then I will look to play back inside since the PTB is
flat unless we set up a good go with the gap play at the open.
The Advancing-Volume ratio came in at 59%, which usually has some follow
through. After starting down and pushing hard up off the morning news and test of
the 10,969 crunchy I would not be surprised to see it take a jab at last Friday's high,
which have held us in check all week since it was such a big bar day. Take it slow
and watch for the opening hour volume. If it is light then stay suspect of the
continuations.
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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