Quote of the Week

"I am glad that I paid so little attention to good advice: had I abided by it I might have been saved from my most valuable mistakes."

- Gene Fowler

One Minute Inside Bar Breakout - MYL

Daily Chart

One Minute Chart

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Stock:MYL

Entry Bar: 3
Time Frame: one minute chart
Entry Green Line: 20.19
Stop Red Line: 19.96 or more aggressive 20.04
Result: .26 to .43
Setup Grade: B+
Notes: Nice setup and quick play, scale as you go and hold some to run. Also setup on the 2 minute chart for a Rocket Play which I will post.

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.

Rocket - MYL

2 Minute Chart

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Stock:MYL

Entry Bar: 12
Time Frame: 2 minute chart
Entry Green Line: 20.73 SHORT
Stop Red Line: 21.03
Result: .35
Setup Grade: A-
Notes: Scale as you go. One way to exit it is a prior low or 20 SMA. Either way don't give up those gains when fading a stock.

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.

Gap Fade - CCL

Daily Chart

5 minute chart

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Stock:CCL

Entry Bar:7
Time Frame:5 minute
Entry Green Line:34.95 SHORT
Stop Red Line: 35.19
Result: .44 to .54
Setup Grade: B+
Notes:Nice red bar at the 10:00 AM reversal time and at the top of Daily chart confluence. Again patience and waiting for a setup. I love the way the red bar engulfs the previous green bar. Scale as you go. Many times I target the 20SMA and look to get out quickly when I am going against the trend of the stock. Could also be played off the 20SMA as a 123 pullback.

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.

E-Mini Gap Close Fade

5 minute chart

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Stock:E mini ES

Entry Bar:5
Time Frame: 5 minute
Entry Green Line:1107
Stop Red Line: 1110
Result: 2 and 7 points
Setup Grade: B+
Notes:The gap filled quickly right into confluence and the 200 and 600 SMA. Scale as you go. Almost shied away from this trade with the news announcement, glad I didn't.

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.

Gap and Go 15 minute chart - DNDN

Daily Chart

1 Minute chart to help time entry

5 Minute Chart

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Stock:DNDN

Entry Bar: 2
Time Frame: 15 minute using 1 minute chart
Entry Green Line: 33.39
Stop Red Line: 33.22 or more conservative 32.67
Result: up to .45....the more aggressive stop gets you 2.5 R.
Setup Grade: B+
Notes: Was hoping for a bigger run with the Daily Chart. Scale as you go and take what the market gives you. Great example of using the one minute chart or lower chart to help time your entry. 123 breakout on the one minute chart.

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.

E-Mini opening Gap Fade

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Stock:ES

Entry Bar: At the open
Entry Green Line: 1095.50
Stop Red Line: 5 points
Result: Out at gap fill 1099.50
Notes: I use Master the Gap to determine if I will fade the opening stock index's. Master the gap gives probabilities for gaps closing every day based on patterns, seasonality and market conditions. I use these probabilities and other indicators to determine if I will fade a gap. I make maybe 4 or 5 trades a month using these probabilities. It gives me another setup but you must be patient. Market has been strong for the past several days and liked the hammer at the 600SMA as well. Entered at the bottom green line and target was gap fill at the top.

This is a perfect example of always educating yourself and attending these trader expos that are held 4 times a year. I found master the gap at an expo maybe 2 years ago. Did some research on the service and have been happy ever since. Its hard work studying the markets and trying to improve. I am firm believer that the harder you work the luckier you get.

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.

Back Tomorrow

Was at the Traders Expo in NY....will post on Thursday!

Olympics

With the Olympics upon us and with the markets closed today I have added a video of a commercial done many years ago. The commercial by Nike is of Steve Prefontaine. A long distance runner from the 1972 Olympics. In this quick 30 second clip I believe we should all be like Steve Prefontaine. Find something you want and give it every once of what you have into accomplishing that goal.

If you goal is to become a successful day trader and all you hear is that it cant be done, that 95% fail, that in the long run your efforts will wear you down, then remember Steve Prefontainte. Just laugh and keep moving forward.

Quote of the Week

"You know you are right when the other side starts to shout."

- I.A. O'shaughnessy




"The time to buy is when blood is running in the streets"

- Baron Nathan Rothschild (London financier, 1777-1836)

E-Mini Fade off support levels

5 minute chart

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Stock: ES E-Mini

Entry Bar:3rd after open
Time Frame: 5 minute
Entry Green Line: 1060
Stop Red Line: 1057.25
Result: At least 5 to 7 points
Setup Grade: B
Notes: Nice hammer off support levels. Depending how you played you could have scaled out and ridden a nice gainer all day. Always scale out as you go.

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.

Gap and Go - UAUA

5 minute chart

Daily Chart

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Stock:UAUA

Entry Bar: 2
Time Frame: 5 minute chart
Entry Green Line: 14.28
Stop Red Line: 13.60
Result:
Setup Grade: B+
Notes: this is from Tuesday, with all this snow haven't had time to blog...never seen anything like the blizzard we are experiencing. Hopefully this will put the Global Warming Hoax to rest.

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.

E-Mini Fade into gap fill

1 Minute chart

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Stock:ES emini

Entry Bar: green bar at 9:54
Time Frame: 1 minute
Entry Green Line: 1057.50
Stop Red Line: 1056
Result: 2 to 3 points
Setup Grade: B
Notes: Nice drop into the previous days close and other support areas. Quick scalp. Only risking a point and half.

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.

Quote of the Week

"The worst trades are generally when people freeze and start to pray and hope rather than take some action."

- Robert Mnuchin

Gap and Go short - HGG

5 minute chart

Daily Chart

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Stock:HGG

Entry Bar: 2
Time Frame: 5 minute chart
Entry Green Line: 19.49 short
Stop Red Line: 20.34
Result: .10 to .95
Setup Grade: B
Notes: Scale out as you go, nice breakdown on the daily chart. Let a little ride all day.

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.

15 minute gap and go - MCD

1 minute chart

5 minute chart

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Stock:MCD

Entry Bar: Four on 5 minute chart
Time Frame: 15 minute / 5 minute
Entry Green Line: 65.29
Stop Red Line: 65.99
Result: .23 to .35
Setup Grade: B
Notes:Setup on the 1 and 5 minute chart and nice 15 minute opening candle. Scale as you go and get the stop to entry.

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.

E-Mini Fade short

5 minute chart

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Stock: E-Mini ES

Entry Bar:Red inverted hammer
Time Frame: 5 minute
Entry Green Line: 1093.75 SHORT
Stop Red Line: 1095.25
Result: scratch trade to +2.75
Setup Grade: B+
Notes: Nice 9 point extended move into about 3 price levels that I watch. Red hammer formed and took the short at these price levels. While I made a scratch trade this a great example of holding your stop and scaling out. Was looking at getting 5 points and out.

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.

Wedge Buster - BIDU

5 minute chart

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Stock:BIDU

Entry Bar: 4
Time Frame:
Entry Green Line:423.01
Stop Red Line: 421.68
Result: 3.61 to 5.50
Setup Grade: B
Notes: Didnt have the best daily chart but poped up my scanner when it crossed the previous days high during the first 5 minutes. Less shares and a larger stop. Scale out and hold some all day. Nice risk reward, market was strong as well to give it a push.

* The setup grade is based on rules outlined in my business plan & not for the end result. Feel free to post any trades you made today that you would like commented on.