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Trading Day Prep Work
Dow mini trading results - 04/30/2010
The Dow opened mostly flat today and we had the news cycle where if nothing sets
up in the first few minutes then I usually end up having to wait until after the last news
release to get started. That is what happened this morning as the market formed the
opening edges and then broke down during the news cycle. We ended up seeing
some good activity on the day as we played around or through four different
crunchies. That is a nice change after so much slow drifting like we have had lately.
What was nicer is that it happened on better volume.
I had three trades and the first was the first sell below the 11,069 crunchy after the
morning news run. It felt late and it was as the stop was hit pretty soon after. The
second trade was the first long back above the same crunchy and since it was a
Plan-B trade it allowed nearly a double target. The last trade was the first sell I saw
off the test of the 11,010 crunchy. It wasn't the first signal as I just didn't see the first
one, but it was the first one after a little impulse, which is what woke me up to take it.
Thanks again for the great feedback from the room. I still would like to see more of
you take advantage of the slow times in the room and work through some of the
areas you need help on. Its too quiet over the lunches lately so there are a lot of
opportunities. Be sure to use all the resources for help that came with your system. I
am glad to help.
(Here is the prior Post).
Results: 3 Trades Date: 04/30/2010 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 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 Declining-Volume ration was 87% today, which tends to be an extreme level.
We could see some movement back up off that early next week but that seems like
a long ways away and anything can happen between now and then. Start slow and
if there is a gap to go with it do that otherwise draw the edges and let the market tip
its hand. The April 16th low and high is the area that has been holding us in pretty
well so use the breaks of them and the crunchies around them to help trigger the
move to the next level.
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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