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Posted by Asher on June 25, 2008, 10:51 am
BS"D
Daytrading Course
Learn to Read the Tape
Exploit Pit Pivot Points
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PIVOT MAGIC JOURNAL - EXCERPT
Good morning,
Feels pretty good to have scored a couple of healthy trades after the
2-day dry spell, doesn't it?!?
Students/Subscribers:
To further build up your confidence in our money management rules,
threw in a bonus discussion of
a scratch trade (wasn't actually an acceptable trade to have entered
in the first place, according to
our entry criteria), just to round out today's lesson.
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E-mini
Tuesday June 24, 2008
1 = Morning session opens gap-down with an Anomaly (Overnight, bottom
left chart) through the S1. Aggressive entry technique is
applicable. Initial stop
advanced above the S1.
A = Small gap and large red candle. Per our PMT stop rules (modified
by my personal custom), move the profit-locking stop into the gap,
"free trade" plus,
locked in.
B = Large red candle, inverted (Bull) Dragonfly closes at the S2. Per
our stop rules, move the profit-locking stop above the high of the
candle.
C = Large red candle through the S2. Move the profit-locking stop
above the high of the candle or above the S2 (more aggressive
choice).
This is also a 2-candle 123 of the S2. Since Volume is dropping off,
implying waning Momentum, Second Chance entry is not recommended. If
you are in
the position already, add contracts.
D = DVS (pink arrow) drives the tail of a large red inverted (Bull)
Dragonfly to tap on the S3. Warned of pending exhaustion by the
previous mini-bar of
Volume, this was so obviously a move of desperation, you should have
Pivot Scalp exited when the S3 was hit. +/- 8.25 points
Surely you exited by the time Price Action recoiled 2 points! +/-
6.25 points
2 = Nice, large Double bottom formation behind the S2. Entry above
the S2 as the large white candle blasts through on high Volume (pink
arrow). Initial
stop may be advanced under the S2 for well-controlled At Risk.
E = Huge white candle easily overruns the S1 Resistance. Per Pivot
magic Trading stop rules, move the profit-locking stop under the S1
(and whistle a
happy tune!)
F = Large white candle through the Low. Inverted (Bear) Dragonfly,
coupled with a Twin Towers (pink arrow), tells us that a stall is
coming next. Per our
rules, briskly tighten the stop under the Low.
G = Support at the Low holds, and DVS (pink arrow) generates a
gigantic white Marubozu (full-bodied candle with no wicks) sumo
candle, which rams
through the Close/aqua dotted S/R line, Pivot, and Mid. Move the
profit-locking stop under Mid (more aggressive choice, in light of all
the warning signs).
And we are stopped out at the Pivot. +/- 8.50 points
[SNIP]
REMEMBER: Trade the Tape, Not my Prognostics!
Asher
=] ;-)>
Pivot Magic Trading Course
http://www.tradingthingys.com/PMTJ/Commodity%20Day%20Trading.html
Tuesday's PMT Chart:
Http://www.TradingThingys.com/PMTJ/PivotMagic062408.gif
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