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Trading Day Prep Work
Dow mini trading results - 07/07/2010
The market opened mostly flat today and spent the first 29-minutes building both of
the opening edges before breaking to the upside and never really looking back. I was
set to be range minded after yesterday's selling for most of the day and bounce off
the lows, but it started proving that it was a trend by taking levels in steady order so I
switched to working off the trend tools.
I had three trades and they were all with the 25x trend type setups. The first was the
first long above the opening edge. The second trade was the first long off the 9,810
crunchy and 25x channel test. The last trade was the first long off the 25x MC along
with a test of the 9,868 crunchy. They all three worked out fairly quickly, which early on
was a good indication of the follow-through on the day despite the light opening bar
volume.
Please take advantage of the time we have in the room. We can work on whatever
you need help with using the live charts in the room and if you need one on one help
you just need to let me know. I don't want to see any of you left behind.
(Here is the prior Post).
Results: 3 Trades Date: 07/07/2010 Gross Points This Week: 56YM
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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 longs back towards the gap fill
area unless we set up a good go with the gap play at the open.
The Advancing-Volume ratio came in at 78% today. There is usually some follow
through in that sort of reading. I will still try and start range minded and see how
well its taking the levels. The daily is back at its MC from below and nearing its third
signal in this direction. We are also testing the bottom of that crazy May bar day after
today's rise. We should consolidate some at least one of the next two days unless
something happens in the news to help it along.
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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