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Trading Day Recap & Prep Work
Dow mini trading results - 08/13/2010
The market opened flat today and for the most part stayed that way all day. It was
pretty much the same as it has been for the last couple weeks - slow. This is typically
a good time of the year for vacations and this year is not proving any different so far. I
am mostly glad that it is flat and confined right now on the daily chart while the
volume is really light so that when the next round of worldly news stirs up again in the
next month we may have the opportunity for an extended move on that heavier
volume.
I had a really light week, and for that matter it has been a light month so far. My only
two trades today were near the end of the day when it was really slow and I got tired
of watching the charts as they were, so I went down in time and saw that the phase
four flow exercises had been on a good run and were testing the 10,288 crunchy so I
took a couple of them right before my cut-off. They did well and there were more later
that were not blocked but I stopped trading ahead of 15:30.
If we have another slow week maybe we will spend some time as a group going over
those phase four flows in the room. They are the one exercise that never ends in the
flow exercises so the whole room probably knows them well. If you have an
opportunity to take some time off between now and early September its a great time
of year for it. It is too hot to do much of anything here but I will take at least one day off
this week to break things up. Let me know when you need help in the room. There is
no reason to end the day without learning something new and being a better trader
than you were the day before.
(Here is the prior Post).
Results: 2 Trades Date: 08/13/2010 Gross Points This Week: 59YM
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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 still but 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. We have not had
any go with gap plays in a while due to the dull market but we will soon start to cycle
back into more of those.
The Declining-Volume ratio came in at 53% today, which is nearly flat and makes
sense for the day. The heavier news days are Tuesday and Thursday, while
Wednesday and Friday are pretty well empty. Keep an open mind, but don't bite on
the breaks too eagerly unless it has real zip or that opening bar volume is showing
up strong. Even with the opening bar volume good a few times this week we had
50% or more drop off in the second bar in each of those cases and when it does
that it will rarely have good follow through.
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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