Apr 092010
 

We have now added twin turbo chargers to our crystal ball. Just kidding. But we have been firing on all cylinders lately. We are trying a new thing for the blog in the last day or so which is to show our one and two tick scalp plays for anyone who is interested. These will be drawn in purple along with the usual green/red/yellow boxes for standard long short positions trading to key levels. As for today, we felt pre-market that 84.75 would be key but likely wouldn’t hold as we needed a flush down to fill the gap on the first major rotation. As I planned pre-market, I ended up just scalping around there for single ticks. We felt the OL at the 83 handle was solid as a rock and felt great about our long trade there. There was massive support on the acceptance side from yesterday to go with the rejection overnight. Pretty much a no-brainer in our eyes. As I continued to scalp around the volatility, NJ bought 83.50 pretty much blind as the risk/reward was so great. Too bad we hopped out at 85.50 but it really was the right thing to do given the order flow at the time – open orders were drying up a bit as well. When we got to the OH you will notice my fear of fading that mentioned pre-market turned out to be warranted. It got really squirrelly there until it stretched out to the 88 high. So obviously we didn’t fade there. I scalped up there one more time and while not on the sheet (didn’t want to crowd it), NJ sold 87.75 back into 86.50 which was also on our pre-market sheet. So basically we called three for three of the key trades that set up this morning. Another nice day for us.

 Posted by at 11:36 am