Daily Score: 1.00

Batting Average: 100.00%
Full Stop %: 00.00%
EpT: 0.00
 
 
What a drop this morning! It was hard to do, but I sat & I sat & I sat on my hands waiting for a good opportunity to pounce. I made my first trade at 11:44am, my second at 11:49am, and was done by Noon. I’ll be honest though, I did have my new ScalpRate2.0.xls Spreadsheet to keep my attention occupied while I was waiting so that made the time go by a LOT quicker. I have spent the rest of the afternoon putting the finishing touches on it, and will be releasing it tomorrow.

Just a quick heads up though. As I have put over 30 hours of work into this spreadsheet, it’ll only be available to download for free until probably the end of this week. After that I’ll likely be asking for a nominal fee for those who are interested (that is if I can figure out how to set up the “built in” shopping basket that Netfirms offers as I’ve never sold anything before as the last thing I want to become is a vendor).

Both of the trades that I entered were very similar, the first one was a Wolfe Wave setup just like the second, but I wussed out and only went for a 2-tick scalp with the first one. Below is the second..

This was a beautiful looking Wolfe Wave setup and was pulling back right into that little minor untested area of supply at 726.50. I shorted at Point # 5 and was filled at 726.40. This time however, I was resolved to stay for more than 2 ticks. I tried so hard to let it run to my target of 725.20, but when it hit 725.40 and then reversed, I coverd my short at 725.70.

I’m just not experienced enough with this setup to know when it will and when it won’t reach the “Expected Target” (which is acquired by drawing a line through Points 1 & 4). And given how extended the run already was (even though it ended up dropping another 5 points afterwards) I rationalized that I ought to be conservative and take my profits.

It was all as well for the .87 R-Unit profit on the trade put me exactly at my Net Daily Goal for the day.