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Trading Day Prep Work
Dow mini trading results - 05/18/2010
The market opened higher this morning in a tight trading window so I let the edges
form and waited to play outside them. The lower edge formed right around the
crunchy at 10,666 and the upper edge near the next crunchy above. My first trade of
the day was the first sell below that lower edge. It made it to the target reasonably
quick for what looked like a slow market.
The second and final trade was the first sell off the 25x MC after lunch. That is a
required trade for me so I had no choice but to take it since I saw it. It turned out OK
and allowed me to target the 10,514 crunchy which was just below. Overall it was a
good day and volume was better in the afternoon so hopefully that will lead to a good
tomorrow.
Be sure to ask when you need help in the room. I don't want to see anyone get left
behind. You can also refer to the 25x setups in the trading room bulletin for a visual
on what I am looking at and talking about in there. Thanks again for your continued
feedback. Its been fun trading with you all and its terrific to see so many of you doing
well.
(Here is the prior Post).
Results: 2 Trades Date: 05/18/2010 Gross Points This Week: 121YM
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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 Down. I will start the day in range mode and let it prove
otherwise. If we gap up then I will look to play shorts 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 89% today, which is often an extreme level. Friday
was at its most extreme level in three months. Usually that will lead to a bounce
unless we are at the start of a more significant down move. With the daily coming off
its sell signal that could very well be the case. Take things slow at the open and
map out the trading windows with the crunchies. If the daily signal picks up steam
we should see the good opening bar volume to give us confidence in the
follow-through plays.
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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