Mentor Mike’s Trades for Tuesday, 5/6/14

Mentor Mike’s Trades for Tuesday, 5/6/14

Fellow Traders:

Despite a fairly consistent bearish market, it took me 6 trades and about 6 hours to earn my Grand-A-Day (specifically, $1,551 – enough extra to average with my light day yesterday).  I had to extend my stop to avoid a loss.  I never recommend that strategy to students, but I have used it on rare occasions where I have underestimated the magnitude and/or duration of a corrective move, jumped the gun on the entry, but had sufficient confidence that the correction would give way to a new impulse wave in the direction of the trade.  Today it worked.

I elected not to move the stop in the Room and it ended up being two ticks too close.  Happily, once the selloff resumed, every other trade was a winner including the final long after the Room closed.  I manually pulled the plug on that last trade to insure we finished in the money with a king’s ransom of $68.  Whether I’m betting with real greenbacks or demo dollars, I hate to lose.

Today’s Charts

Here are today’s screen captures.  They may include my personal chart, the TRADING ROOM demo platform, charts submitted by students and/or my running intraday Elliott Wave count in the S&P Emini.  Please click on a chart to make it larger.  Chart #1

Chart #2


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