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Trading Day Recap & Prep Work
Dow mini trading results - 07/20/2010
The market gapped lower this morning and it must have done so in a reactionary
way because the lows were made at the open and it moved higher, closed the gap
and took out yesterday's high before closing near the high of the day. It was a pretty
steady trend day and my lone sell was early in the day when it looked like it still had a
shot to form an upper edge. I took the edge formation play and it didn't budge my way
at all. Its stop opened up the trend plays and helped me get to my goal for the day.
The second trade was the first long above the upper edge that formed during my
earlier sell and since the sell got whacked I was able to target double what the sell
had lost with most of the trade being taken out by the 10,043 crunchy. The last trade
was the first long above the 25x channel after lunch in what was a volatility expansion
type play. I lingered in it enough to get to the daily goal and then closed it as it neared
the next crunchy at 10,109.
Overall its been a good start to the week. I like these trend type days since they don't
require much thinking. Please use the room to get the help you need. Whether you
are on the emini futures or FOREX it doesn't matter. We can look at either and if need
be we can set up time in the early morning to go over some of the other markets but
if you don't ask for help then I cant help so be sure to do so. Thanks again to those
who sent feedback this week. I am glad to hear more of you are turning a corner in
your trading. Keep working at the breathing exercises as you focus in on the trades. I
know it was the first thing in the training exercises and easy to forget, but its really
important if you want to control debilitating emotions.
(Here is the prior Post).
Results: 3 Trades Date: 07/20/2010 Gross Points This Week: 92YM
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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 sells 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 84% today, which usually has some
continuation but can also be an extreme level so I will stay suspect of the market
and let it prove its strength before getting aggressive. The Daily chart is still in the
same wider consolidation so it can move well in both directions and still not really
go anywhere. Keep an eye on those wider barriers of the daily chart as the levels we
need to trade beyond before any significant move will occur.
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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