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Posted by Asher on June 11, 2008, 7:26 am
BS"D
Daytrading Course
Learn to Read the Tape
Exploit Pit Pivot Points
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PIVOT MAGIC JOURNAL - EXCERPT
Good morning,
Besides getting practice scratching, we did manage to squeeze a couple
of profitable trades
out of yesterdays swinging Price Action.
When the Bulls failed to take charge, things went as we expected in
yesterday's PERSPECTIVE,
leaving the tape nicely set up for a continuation of Friday's Bull
plunge.
Be prepared.
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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
Tuesday June 10, 2008
[SNIP]
5 = Full-sized Double top of the Close stalls in the "green fog", but
then pushes off the underside of the PL with a 123 "S" (red arrow).
Entry below the Pivot (blue arrow), as the BBs finally return from
drinking lunch (pink arrow). Initial stop is gratefully advanced
above the Pivot.
F = Giant red candle puts the position in violation of the PMT Maximum
Profit Giveback rules. Mental stop at Giveback level. Notice
that this is also a 2-candle 123 and take the opportunity to add
contracts!
G = Large red inverted (Bull) Dragonfly (exhaustion sign) through the
LowW. Twin Towers (pink arrow) adds to the warning. A
stall/sag is next. Briskly move the profit-locking stop above the
LowW and prepare to exit.
H = Doji spike and Black Volume Bar of Death. That, plus to the
previous 2 exhaustion signs, and we must conclude that the end of
this dive is nigh upon us. Exit on the first signs of white.
J = Much to our surprise, the next candle is a large red one. Per our
Pivot Magic Trading stop rules, move the profit-locking stop
above the high of the candle.
Still alert to the exhausted Momentum signs, warning of a Pivot retest
coming soon, experienced readers of the tape exited as the
next (white) candle retraced 62% - Fibonacci) of = J. +/- 5.25
points
This reversal is mid-air, so we watched as Price Action move north for
the Pivot retest without us.
[SNIP]
PERSPECTIVE
(Daily, bottom right chart)
The Bulls didn't have enough strength to drive through the plum line
(Historical S/R) leaving us with yet another breather day candle.
This time it's a red spinning top/Dragonfly. Once again, the
breather closes at the southern tip of the large red candle from
Friday.
Unless the Bulls really manage a powerful rally at the open, the tape
is again set up for a continuation of Friday's massive charge south.
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/PivotMagic061008.gif
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