Something a little different today. Before showing Tuesday's Emini trading charts, I wanted to talk about trading software and the importance of backing up.
I regularly receive emails from customers who have had hard disk crashes, requesting copies of software they've downloaded and lost.
Don't get me wrong, I am more than happy to provide them with the software and this post is not a criticism of them. Heaven knows, I've been there too – lost everything!
Do you know that feeling in the pit of your stomach when you've lost literally thousand of hours of work? Start shouting obscenities at Bill Gates and Microsoft? Then you realize you've got literally days ahead of you trying to rebuild you computer and documents. Oh boy, never again.
The Answer: Online Backup Services
That's why I'm surprised that more people aren't using online backup services. Yes, you can buy a tape or hard drive backup for your home office. But what if you have a fire. If you're burgled they'll take the backup drive too!
But fire and theft are the least likely catastrophies you'll encounter. You know what's more likely? You let "Little Johnny" play online computer games and he'll accidentally download some hideous, crash-inducing virus. Or worse yet, you'll do it yourself – mucking around with some setting you'll cause your own hard disk crash.
Online backup services are:
- Simple to operate and restore in the event of a catastrophe
- Work in the background, backing up as you go
- Cheap ($55 a year)
There are 2 major providers – Carbonite and Mozy – and I've used them both. Frankly, there's little to choose from between the two. But I now use Mozy and am very happy.
So if you're not backing up or have been thinking about it and just haven't got around to it ….. just do it.
Emini Trading Charts from Tuesday 11 August 2009
OK, now a couple of Emini trading charts. Holding the 990 support level is going to be critical on Wednesday.
Volume Indicator – Low Volume Up Day (Emini daily)
Monday was a Low Volume Up Day. The Better Volume indicator colors Low Volume bars yellow (default). This showed a lack of demand and was a sign of weakness – then we sold off on Tuesday.
Volume Indicator – Test of Support (Emini 15 minute)
Tuesday's action showed large volume selling early in the morning. But the Professionals stepped in about 10:15am to buy the 990 level. We then re-tested on low volume during lunch.
At the end of the day we had high volume selling followed by a High Volume Churn (blue) bar back down at 992. This could be a push down to re-test the 990 level and an opportunity for the Professionals to scare the Amateurs into selling.
Let's see if the 990 level holds tomorrow and we get a Pull Back in uptrend signal on the 135 minute chart. Good luck with your Emini trading.
