Short From The High

Hi guys,

I wanted to show you the evolution of a trade I took today. I only had a few minutes to trade today and I got lucky that a good opportunity was present in my limited time. Start from the top picture to see what I was seeing and thinking and check out the pictures below to see my exits.

The top picture shows how dramatically delta momentum had faded on the move to the top. I had great certainty that we would get (at least) a small pullback, so jumped in with little concern.

Even with the big move up, and how much the day looked like it might be a trend day, I just didn't fully believe it. I scaled out after 3 pts at the 1 SD of VWAP. I wanted a profit in case this was just a small pullback. However, I really thought there would be more available on this move. I didn't really think the market would sustain a trend move following such a big gap and up move.

I hope it helps,

MG

Long From Low

Hi guys,

Here is a nice trade I took this morning. I wanted to show you all of my reasons. With all I was seeing, it didn't feel 'scary' at all to take a counter trade long even though it really looked like the sellers were in control and ready to put in a new low.

I got in at 966.50 as I really wanted to get in close to the key low of 966. I took 2 pts off (in case I was wrong). I got 4 pts each on my other two contracts near the vwap.

Have a great day tomorrow.

Hope it helps,

MG

Singles With Volume Behind It

Hi guys,

I have mentioned a number of times how I like Singles with volume behind them to lean on. I will be watching closely for the opportunity to go long on a retracement to these levels. I usually prefer the first Single of the day which represents the breakout point. However, the second Single has so much volume behind it, it may be very enticing.

Have a great trading day tomorrow.

MG

A Couple of Upcoming Classes

Hi guys,

First off, let me say that I'm sorry to have not been posting as regularly as usual. I am on a bit of a summertime schedule. I usually take a little break from regular trading in July and August. I will be trading off and on the next couple of weeks and will post anything I see that I think will be of interest to you.

A couple of posts back I mentioned a couple of classes by Kam Dhadwar. Just a reminder, he's doing a class on Trader Psychology on Wednesday. It's pretty reasonably priced and I will be attending. I hear that he is really good at this work. If you need some help in this area (and who doesn't?), you may want to check it out. Scroll down to read the posts.

Also, I just got word from Michelle at IOAMT that Bill Duryea will be doing an online 5 day intensive in September. The just confirmed dates are Sept 14-18 from Open to Closing plus a conference call at the end of each day for questions.

I have no idea of the price but I certainly hope to be there for this intensive. He constantly blows my mind with his knowledge. Hearing him speak, I am constantly reminded how much more I have to learn. I'll let you know when I have more details.

That's it for now. I hope to get a few hours of trading in tomorrow, but I have a big class to give in the evening and need to still prepare. Have a great day.

MG

Point and Figure Perspective From Bill Duryea

Hi guys,

I thought I'd show you an interesting look at the market from Bill Duryea of IOAMT, using Point and Figure charts. Make a note of the levels. Don't forget about the key levels above. The market certainly didn't forget today, as you can see.

Hope it helps,

MG

10 Day Perspective

Hi guys,

I didn't get to trade today as I had a very busy workday in my practice. I hope you did well. Here is some of my preparation work for tomorrow. Notice the levels I have marked. Also, notice the high volume clusters showing as dark blue. These are the levels I will be watching over the near future.

Also, notice that while we had a quite large cumulative delta for the day today, the big boys were not participating very vigorously. So, let's see how that bodes for tomorrow.

Have a great trading day,

MG

Update On Kam Dhadwar Classes

Hi guys,

Just a quick update on the Kam Dhadwar classes I wrote about yesterday. Kam emailed this am to let me know about a deal he was offering.

SIGN UP TO BOTH EVENTS ABOVE AT REDUCED RATES - Limited Offer!

L2ST Members - £129 for Both Events, instead of £158 OR
Non L2ST Members - £159 for Both Events, instead of £194

If you are interested, here is the link to get the special rate: http://www.l2st.co.uk/Events/July-Offer.html

Here is the link I promised for the Art of Adaptive Trading class: http://www.l2st.co.uk/Events/Art-29-07-09.html

Hope it helps,

MG

Two Classes With Kam Dhadwar

Hi there guys,

Here are two really interesting looking classes put on by Kam Dhadwar, who is a trader and teacher from England. You might have seen the classes he did for Market Delta recently. I really respect Kam and his work and I am very excited about these classes.

I signed up for both and am really looking forward to taking them.

Please note that the times for these classes is in Greenwich Mean Time. Translated, Chicago is GM - 6 hours. California is -8. So, the 7PM class is 11AM in California and 1PM in Chicago.

I don't have the link to register for the 2nd class (I misplaced it somehow) but I will email Kam to get it and post it here.

Hope it helps,

MG

Short of the 2 IBL with Confluence

Hi guys,

Here was a really nice trade. I annotated it in pretty good detail so check it out. I entered this one with a limit sell order as there was tons of confluence to give me confidence. I didn't wait to see the sellers coming in.

At levels that I really like, all I really need to see are signs of deceleration, like the divergence I showed above or tons of volume coming into my level showing that supply was present in abundance absorbing demand.

I hope this helps,

MG

Reminder about Alex Benjamin Class on Tuesday

Hi guys,

Just a reminder about Alex Benjamin's class tomorrow at IOAMT. I'll be there. Please say 'hi' via PM if you attend the class. It's free and open to all.

MG

Short of the Initial Balance High

Hi guys,

This was a nifty trade. I shorted the Initial Balance High (IBH) when the market 1 ticked above it during C period. I particularly liked this one because we also had Initiated Selling between 928 and 929 from 6.15.

A trading friend asked me how long I keep up the lines that I draw on the chart. The answer is: until they are violated. The market had not previously challenged and taken out this level since I drew it on 6.15. It still hasn't taken it out. It is still an active and alive level that will remain on my chart.

Check out the 30 minute chart to see what I was looking at. MD 9.2 makes this so easy to do. Notice I have buttons already set to make the process of adding a line very easy.

Here is a link (below) to the chart definition. You won't be able to use all the lines that are automatically drawn unless you set your V#'s up and Quote page. Some are set up with Custom Columns which require the Pro version. All the rest should work fine for all.

Hope this helps,

MG

http://www.charthub.com/images/2009/07/01/30_Minute_Fotprint_Chart_No_Se.png

Alex Benjamin Class at IOAMT

Hi guys,

Just a reminder that IOAMT will be presenting Alex Benjamin in a free webinar on July 7. Alex is a true master of Market Profile. I plan to be there to see if I can pick up some new ideas.

MG