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Trading Day Recap & Prep Work
Dow mini trading results - 01/14/2011
Happy New Year! Its been a while since my last update and I am just starting to get
back in the groove of things after the long holiday break. I hope 2011 is starting off
right for you. I am looking forward to the challenge of improving my trading, learning
new things and working with you all in the trading room.
The market opened lower this morning on another test of the 11,643 crunchy. It right
away started climbing up and set up a lower-edge formation play. I took the first
signal , got my stop below the crunchy and exited after divergence had formed.
Usually I don't get a chance to play the other edge formation after doing the first one
but today the upper edge formation also lined up against a crunchy test so I took a
shot at it and exited again on the divergence. I exit these inside plays on divergence
in order to avoid it having to take a level or make a double top or double bottom. The
divergence exit is just a cautionary exit to allow the range to get smaller without
getting eaten. The plays outside the range make up for the smaller outcome on
those. The last trade of the day was after lunch and it was after the market had
started to take its key levels and in this case had set up a trade above the 11,717
crunchy. It was the second one above the crunchy but the first that wasn't blocked. I
exited at divergence on it as well since the fill was bad and that was all that was
needed to get to my daily goal.
Be sure to let me know when you need help. I can walk you through things in the
room. I want to see all of the room members reach much higher levels this year. I
want to help, but its up to you to let me know when you need it.
(Here is the prior Post).
Results: 3 Trades Date: 01/14/2011 Gross Points This Week: 68YM
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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 and has been for the most part since September 1st
aside from one multi-week pullback and normal retrace days here and there. We
are past all of my crunchies now so I am adding new ones as we make new
ground. The ones that were formed in this area in September of 2008 I am not
going to use. With the holiday weekend I will just let the market unfold some and
start by playing range. If we open above 11,717 I will test the top of that level
assuming its not blocked. Watch the crunchy video over the weekend if you need
help on them.
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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