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Posted by Asher on June 15, 2008, 4:50 pm
BS"D
Daytrading Course
Learn to Read the Tape
Exploit Pit Pivot Points
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PIVOT MAGIC JOURNAL - EXCERPT
Good morning and a good week,
Friday was filled with the usual craziness. At least we got one big
bite from the morning's blastoff!
No idea what's in store for us on Monday. No matter. As day traders
we don't really care which
direction the market moves, just as long as we get some range and a
tradable signal!
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Pivot Magic Trading
First rule:
"Any time you don't know what is happening, get out!"
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E-mini
Friday June 13, 2008
Friday morning opens gap-up, half way to the R1, and heads back south
for a test of the Pivot.
1 = Support at the Pivot holds, and Price Action tapes a 2-bar "P"
reversal off that PL. The Volume is supportive (pink arrow), so we
prepare to enter.
A = DVS (pink arrow) generates a giant white candle, pulling us in,
with a bit of slippage. Since this single breakaway candle puts our
position in instant
violation of the Pivot Magic Trading Maximum Profit Giveback rules,
advance the initial stop to Giveback level.
B = An even larger DVS (pink arrow) drives an even more giant white
candle through the R1 and High. Per our stop rules, move profit-
locking stop under
the High (See NOTE:, below).
NOTE: Greatly expanded ABS convinces us to extend both the maximum
Profit Giveback and stop
placement spacings. Thus, we will not get stopped out at every Price
adjustment.
Reading the pair of oversized candles and accompanying, whopping
large, DVSs as signs of failing Momentum, confirmed by the Price
Action reversal
exactly at the 10:00 Reversal Time line, exit when/before Price Action
dips 2 points. +/- 9.50 points - Not a bad way to start the day!
[SNIP]
D = Notice, in retrospect of the 9 or so points gained in the EOD
Hiccup (classic V-shaped checkmark, lavender lines), that the tape
gave astute readers
of the tape fair warning. There were three pre-emptive events when
the young bucks jumped the gun, TELLs (blue arrows). Experienced
readers knew
that while staying out late drinking lunch the BBs were hatching a
Bull plan for EOD.
REMEMBER: Trade the Tape, Not my Prognostics!
Asher
=] ;-)>
Pivot Magic Trading Course
http://www.tradingthingys.com/PMTJ/Commodity%20Day%20Trading.html
Friday's PMT Chart:
Http://www.TradingThingys.com/PMTJ/PivotMagic061308.gif
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