Ym Journal For 1/18/2007

Discussion in 'Journals' started by Spectra, Jan 18, 2007.

  1. Here is bears trading blog from today . . .

    Jan 18, 2007 Thur Afternoon Session
    January 18th, 2007 - Puretick.com

    After we had returned from our lunch break near 2:15 PM EST, there was a nice test and failure near the daily YM pivot (3 ticks shy of hitting it on a move up). Alex warned us in audio that he felt there would be a dump-off that would test the 12601 level (yesterday’s close and also the lows of the day) as he issued a personal account trade signal (these are non-official calls that do not get reflected in our track record, as Alex feels the signal is higher risk, e.g. very oversold) at 2:39 PM EST. The initial scale in point was 12607 with adds to the position on a mild retracement bounce off the daily S1 pivot (12604), at the 12610 and 12615 levels. Indeed by 2:57 PM EST the price had cracked yesterday’s low of 12601 by 3 ticks before coiling up on its first bounce after testing the day’s lows. An Official Room Call was issued at 3:17 PM EST on a retracement of the move down from an entry price of 12612. The initial target 1 was reached of 12604. A warning was given to newbies to ditch at 12601 if still in. If you had gotten a market fill you should have been able to get 8 points on the trade. Real life profit levels ranged between 5 and 11 points from room member posts. We hope your trading was excellent today!

    Jan 18, 2007 Thur Morning Session
    January 18th, 2007 - Puretick.com

    We had some excellent trading this morning in both Official Room Calls and non-official advisements. There was a +14 point gap up that Alex advised could be scalped short on the open. Some of our traders did take the call to go short and got between 4-6 points profit. Note that this gap fill scalp trade was not an Official Room Call, which are typically not issued in the first 15 minutes of trading which tends to be whippy and requires fast reactions. The first Room Call oversold trigger was issued at 9:42 AM EST (yes I know, 3 minutes shy of the 15 min opening range, but a good setup due to the oversold condition, candle pattern and volume all aligning, plus that gap close support level of 12639 which acts as a pivot when filled) with a pre-warning to try to get a limit order in closer to the daily pivot level (12638). The market fill price on the trigger was 12648 and the out price for target 1 was 12651-552. Room members announced gains of between 5-11 points on this trade so it looks like everyone got better fills than the price printing when the trigger call was issued (yay!). This definitely was a tricky scalp to play since it did require fast decision making. Our second Official Room Call was the MaxSpan strategy trade (opening 15 min range breakout/breakdown) which was issued by CajunSniper at 10:10 AM EST with a fill price of 12625. We took no heat on the trade at all as MaxSpan advanced rapidly to its target 1 level of 12615 for +10 on its first 2/3. The 1/3 remaining trail stop was hit and got +4. Our trade was helped by the dump-off caused by the Bernanke speach. Notice the 23 point range gigantic red bar on the 10:03 - 10:06 AM EST candle with massive volume minutes before the MaxSpan short was issued. Our second Official Room Call short was at 11:09 AM and was an overbought trigger to get in on the sell-off retracement. Alex had been eyeing the daily pivot as a shorting area and warned room members that he would be scaling in before the trigger short fired from the 12635 area. 12628 was the market entry price, with a bit wider stop than we usually use for triggers (about 20 points) although many room members (including myself) got better fills than the 12628 market entry price. The first target was reached of 12624 allowing for at least 4 points of profit on the trade. There was a second opportunity to get in on the trade as the daily pivot was tested for a second time, and failed. The final target of 12617 was missed by 1 tick, but Alex told new traders to get all out at 12620-12621 at 11:27 AM EST which is 6-7 points from the market entry price. Visit http://www.puretick.com and check us out for yourself. Our service caters to both new and experienced traders alike.

    CajunSniper / Puretick.com Administrator-Trader