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Turn Date Worked Out Well Today..Closed the Day +29.50 TF points total :)
Submitted by: Gary Dean-Marketspath 8/15/11 at 2:40 pm
Yesterday was a turn date that our members were well aware of from our turn date calendar and it was a strong one as well. The turn dates have been a little tough to trade because of the extreme volatility we have seen over the last few weeks, but it is good piece of equipment to have in this market.
So with yesterday's turn date expecting a turn lower, we were layering in small short positions since late Thursday 1/4 blocks on the way up. I didn't expect the Rut or any of the indexes to rally as hard as they did yesterday.
But that is why I like to layer in and out of positions. You don't have to be perfect and we layered in the short side in iwm yesterday at 71.45 and I sent out a "if you have powder for more-short iwm at the close alert to members".
I held a full position TF short overnight and closed it for 18 total points at the open today (2) contracts and have been taking small scalp trades all day (24 TF points today-which is a great day)
Our short term timing system was triggering a sell signal Friday and even with yesterday 2.5% rally in IWM, it remained on a sell signal. That was the warning sign and why I wanted to be short today at the open. The short term TS is now looking for another intra-day low and if we get it, it should trigger a buy signal.
We will most likely tighten stops on the open shorts or move to cash if we see IWM make new lows today.
The daily timing system is still on a buy and has NOT triggered any sell signals. That is why I am expecting a test or maybe even a break of yesterday's highs in the coming days.
If that happens, we will most likely get a daily sell signal on that timing system, in which I will be looking for a swing short that may take all of the indexes to new lows. If the daily timing system moves to a sell without a sell signal set up, then I will put more weight on "the highs are in place"
Right now and we are heading lower. Either road map would fit and I will have an open mind and follow the daily timing system for direction and the 60 minute timing system for entries. I hope you are having a great trading day!! G-
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