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Trading Day Prep Work
Dow mini trading results - 05/10/2010
The market gapped up a whole bunch over the weekend and it was really too much
to offer up much good trading since all the work was done while we were sleeping.
After the open it traded in a range all day. Albeit a wider than normal range given the
increased volatility we have after last weeks manic Thursday, but still a range so
expansion plays never developed and inside plays were all that were available.
Volume has started to wind back down into more normal levels and the pace has
slowed some compared to late last week. I don't mind it slowing back down some
because it has been covering my trading windows on the impulses a lot and that is
not much fun.
I had just one trade today and it was the first long back above the 10,739 crunchy
after testing the lower edge from above. The trade was fighting divergence but of
course it was overridden due to the NYSE A-D levels. The way things are going with
these reactionary gaps I will probably keep my trade count down to a minimum
unless we kick into a directional fast move where things just get easy. The last time
we had a big newsy reaction like last Thursday things settled down within a week
and hopefully it somewhat does this time as well.
Just a reminder that a lot of the setups and terms that are being discussed in the
room are covered in detail in the trading room bulletin so that is a good place to start
when you have questions. You can also simply ask in the room as well.
Congratulations to those of you who have turned the corner this month. It has been
an interesting month so far and unlike any that you have been training on thus far so
keep good notes for later referral for these types. Another good comparison one like
this is February '07 for your replays. I posted the crunchy webinar video in the bulletin
recently as well if you need help with them. Be sure to ask for help and use all the
resources available to you for learning the system.
(Here is the prior Post).
Results: 1 Trades Date: 05/10/2010 Gross Points This Week: 84 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 look to play back longs back towards the gap
fill area unless we set up a good go with the gap play at the open.
The Declining-Volume ratio was 59% today and that does tend to have some follow
through. The fact that it goes against the PTB and the overall direction of the day is
interesting so if we don't do the follow-through on a gap I may look for underlying
weakness to be able to play towards that fulfillment. It only has to trade a little lower
than our close today to accomplish that. We are still inside Thursday's bar and it
was so big that we could stay in for a while, but I expect it will try and get out here
over the next day or three.
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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