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Posted by Asher on June 12, 2008, 10:33 am
BS"D
Daytrading Course
Learn to Read the Tape
Exploit Pit Pivot Points
******************************
PIVOT MAGIC JOURNAL - EXCERPT
Good morning,
Yesterday we said:
"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."
Sure got that right. Too bad there was no tradable signal at the
open!
******************************
Pivot Magic Trading
First rule:
"Any time you don't know what is happening, get out!"
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E-mini
Wednesday June 11, 2008
[SNIP]
2 = A 2-candle 123, "S" signal, through the S1. Strong Volume
encourages aggressive entry, below the S1, with the initial stop
advanced above
the S1 for controlled At Risk.
A = Giant DVS (exhaustion sign, pink arrow) drives a huge red candle
(inverted Dragonfly, not too good a sign either) to bang against the
S2.
Our position is in Maximum Profit Giveback violation. Mental stop at
Giveback level. Thinking Pivot Scalp exit.
B = Another large red Bull Dragonfly taps on the S2. Exit when
touched. Positive slippage. +/- 6.75 points
C = Some of you may have wondered if this a 123 continuation or the
end of the move, and held back on the Pivot Scalp exit. In fact, the
Momentum of the next candle carries through the PL. Large red candle
through the S2. If you are still hanging on, per our stop rules, move
the
profit-locking stop above the S2. Only to be taken out as the S2
Support holds, and the next candle bounces, crossing back above the
S2.
+/- 5.50 points
[SNIP]
F = Two powerful mid-lunchtime Bear Volume bursts (blue arrows).
These may be pre-emptive TELLs, warning of plans for a late afternoon
Bear
charge. Nothing tradable, as the battle wages at the S2.
4 = Bull Volume (pink arrow) perks a bit. Are the BBs back finally?
Immediately following is a Black Volume Bar of Death and a series of
Dojis. This
is most discouraging and pretty well neutralizes the already
questionable Bull signal.
G = Eventually, too late for us to enter, the TELLs prove out, and a
Bear move does materialize. A retest of the S2 Support-turned-
Resistance tapes
the classic V checkmark shape of EOD Hiccup (lavender lines), and the
Bears push Price Action southward to EOD.
[SNIP]
REMEMBER: Trade the Tape, Not my Prognostics!
Asher
=] ;-)>
Pivot Magic Trading Course
http://www.tradingthingys.com/PMTJ/Commodity%20Day%20Trading.html
Wednesday's PMT Chart:
Http://www.TradingThingys.com/PMTJ/PivotMagic061108.gif
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