The New US dollar

Not much setting up today. This picture says it all.

Gap & Go Short - BG

5 minute chart

Daily Chart

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Stock: BG 5 minute chart
Entry Bar: 2
Entry Green Line: 67
Stop Red Line: 69 even
Result: 3.29 to 9 points
Setup Grade: B
Notes: Back sort of into the swing of things with the blog. The market has been like my past two weeks on the personal side. Another reason for traders to have rules and STICK by their rules, no matter your emotions you stick to your plan. This setup working well in this market as of late.
Usually with this big of a gap down would pass but it was ugly this AM.

* 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.

Out of Town

Will be away for the next or so - family emergency had to go back cross country.

Never Give Up....

No trade to post today, away most of the morning. Here is the trailer of one my favorite movies, never let anyone tell you that you cant do something. Great movie to rent to bring your spirits up.

Seabiscuit -
A broken jockey, a homeless trainer, a man emotionally lost after his young son dies and wife leaves him, and a washed up horse. All where given no chance to succeed but as one they did- A true story. The book is even better.

Gap Fade Long - QQQQ

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Stock: QQQQ 5 minute chart

Entry Bar: 2
Entry Green Line: 42.32
Stop Red Line: 42.16
Result: .16 to 1.35
Setup Grade: A-
Notes: Nice candle, hang on for the ride, scale as you. Sell at the gap, 200EMA or hold some 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.

E-Mini Opening Gap Fade - ES

5 Minute Chart

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E-mini: ES (S&P 500 futures)

Entry Green Line: 1234 Short
Stop Red Line: 1242
Result: Out 1224 - Plus 10 points
Notes: I like to fade the opening gap when it sets up for a high probability trade. Determining if its a high probability trade requires studying past results for fading the opening gap. I use a service that I highly recommend that focusing mainly on fading the opening gap. I make only 5 or 6 trades a month with this setup but it gives me another weapon in my trading setups. I will do a write on the service sometime in the next week or so. In the meantime I recommend taking a look at Master the Gap that I have been a member of for some time.

Double Dynamite - OI Short

15 Minute Chart

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Stock: OI 15 minute chart

Entry Bar: 11
Entry Green Line: 39.39 Short
Stop Red Line: 39.64

Result: .25 to 1.58 - 5R gainer
Setup Grade: B+
Notes: Scale out and let it run 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.

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Gap Fade Short - QQQQ

5 Minute Chart

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Stock: QQQQ 5 minute chart

Entry Bar: Bar 2
Entry Green Line: 44.01 Short
Stop Red Line: 44.23
Result: .22 to 1.33 .... 3R plus
Setup Grade: B
Notes: Gapping into the 200EMA, would prefer a red bar but liked the setup - scale out, move your stop to even and hold some until the close.

* 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 Day

"A loss never bothers me after I take it. I forget it overnight. But being wrong - not taking the loss - that is what does damage to the pocketbook and to the soul." - Jesse Livermore

Quote's of the Day

"Buy when your scared to death; sell when you are
tickled to death." - Market Maxim

"Averaging down in a bear market is tantamount to taking a seat on the down escalaator at Macy's" - Richard Russell

Gap & Go Short - EXC

10 Minute Chart

5 Minute Chart - Stop Placement

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Stock: EXC 10 minute chart

Entry Bar: 2
Entry Green Line: 68.07
Stop Red Line: 69.25
Result:
Setup Grade: B+
Notes: Scale out let the rest run all day. Use a the stop on the 5 minute chart as it was above the 5ema.

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

Gap & 123 Pullback Short- CTV

30 Minute Chart

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Stock: CTV 30 minute chart
Entry Bar: 7
Entry Green Line: 43.67 SHORT
Stop Red Line: 44.07
Result: .40 to 1.06 - - about 2.5R if you let it run all day
Setup Grade: B+
Notes: Scale out and let it run

* The grade is for the setup outlined in my buseinss 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 - ES

5 minute chart

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E-mini: ES (S&P 500 futures)

Entry Green Line: At the Open 1275 - 5 point Goal

Stop Red Line: 7 point stop

Result: Sold half at gap fill 1277.25 / sold half at overnight high 1280 points -

Notes: I take these from time to time pending on multiple factors. Indices have a high tendency to fill some point during the day. SSO and SDS are also good for fading the open with.

Double Dynamite - LOW

15 Minute Chart

Daily Chart

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Stock: LOW 15 Minute Chart

Entry Bar: 7
Entry Green Line: 26.37
Stop Red Line: 26.22
Result: Break Even to .27... At 1R gain pull stop to even
Setup Grade: B+
Notes: Scale out and move stop to entry at 1R. Nice break on the daily, like the setup didnt explode.

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