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Trading Day Prep Work
Dow mini trading results - 06/29/2010
The market gapped much lower this morning and continued to show weakness for
the rest of the first hour before running out of steam and consolidating most of the
rest of the day between the 9.868 and 9,810 crunchies. It broke the lower crunchy in
the last 45-minutes of the day taking the daily to the Head&Shoulders neckline it has
been forming over the last few months.
I had one trade early and it went to my daily goal and with family in town this week I
pretty much shut it down after that. The 10 AM news sent it into a range anyhow so I
didn't see much use in looking until it broke the range and by then it was late in the
day. My trade was the first sell after the opening push below the 9,928 crunchy.
Be sure to ask when you need help in the room. It has been quiet over lunch lately so
take advantage of the time. 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. If you take the
time to learn to map out the day with the crunchies and filtering tools that we can use
to narrow the trades down and train on them it will be hard for you to not improve.
There is a video on how to draw the crunchies in the trading room.
(Here is the prior Post).
Results: 1 Trades Date: 06/29/2010 Gross Points This Week: 64YM
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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 came in at 80% today. That level does usually have
some follow through, but it can also be an extreme level. With the daily just above
some key levels it wouldn't be surprising to see it trade inside some. If we gap that
neckline and show good opening bar volume then it could be another big jump
down. I will plan on starting out slow and let a move like today take me out of that
stance. With early news after the open there may not be much to do until after 10.
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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