Day Trading Pivot Points - Took the Plunge! - PIC

Commodity and Futures - Physical commodity and financial futures markets. 

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Subject Author Date Day Trading Pivot Points - Took the Plunge! - PIC Asher 06-04-2008
Posted by Asher on June 4, 2008, 10:30 am BS"D Daytrading Course Learn to Read the Tape Exploit Pit Pivot Points ****************************** PIVOT MAGIC JOURNAL - EXCERPT Good morning , Slow morning leading up to the Bear's massive charge south. Ended in only a gentle tap on the plum line (Daily, bottom chart, Historical S/R). Couple of good PMT trades made us all happy! Get ready for a twister. Wednesday will be full of surprises, fun for the whole family! ****************************** E-mini Tuesday June 03, 2008 [SNIP] 3 = Volume comes to life (pink arrow), as the BBs return from conspiring over martinis. Price Action plunges viciously through the Pivot and Close. NOTE: The Volume picture is powerful enough to warrant entry as soon as the Close is crossed, without waiting to exit the "green fog". Nonetheless, risk-conservative traders may well have waited until the Price Action is in the clear, below the fog. F = DVS (pink arrow) generates a giant red candle. Pivot Magic Trading Maximum Profit Giveback rules are either violated or soon will be. Jump the profit-locking stop to "free trade" plus a tik. G = Large red candle. Per our Pivot Magic Trading stop rules, move the profit-locking stop above the high of the candle. H = Large red candle completes a mid-air 123 continuation, and our position is in violation of the PMT Maximum Profit Giveback rules. Mental stop at Giveback level. J = Large red candle. Move the profit-locking stop above the high of the candle. K = Second healthy red candle closes below the MidW. Per our stop rules, move the profit-locking stop above the MidW. L = Very large red candle puts our position in Maximum Profit Giveback violation. Mental stop at Giveback level. M = Large (2.5 point) inverted (Bull) Dragonfly. Only two ways to have played this one: * Experienced readers of the tape observe that the S1 is also a major level of Historical S/R (plum line), and assumedly a rock-hard Support floor. They exit as soon as the Price Action pulls back above the S1. +/- 13.5 points (assuming conservative entry below the fog) * Large red candle invites us to move the profit-locking stop above the high of the candle. The next (white Bear Dragonfly) candle tests the stop so when the candle following shows white, Exit Now! +/- 12.25 points Either call was legit and nicely profitable. [SNIP] Trading is entering the EOD Hiccup Danger Time Zone. Be prepared! S = Long, white, wispy, Bull Dragonfly, and our position is in Maximum Profit Giveback violation. Mental stop at Giveback level. DVS and strange candle at EOD Hiccup Danger Time are serious warning signs. Hope you have your exit order ready to send in an instant! READY! T = There it is. Black Volume Bar of Death (pink arrow). SET! Next candle shows red. GO! +/- 8.75 points Classic V-shaped EOD Hiccup (lavender lines) sees Price Action dive back to Monday's Low by EOD. [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/PivotMagic060308.gif Similar Threads Posted Day Trading Pivot Points - Take the Plunge - PIC May 22, 2008, 11:08 am Daytrade Pivot Points - 35-point Plunge - PIC June 27, 2008, 9:20 am Day Trading Pivot Points - Pivot Scalp Exits - CHART May 23, 2008, 8:24 am Day Trading Pivot Points - Pivot Scalp Exit - PIC June 12, 2008, 10:33 am Trading Pivot Points - Big Bite! Yum! - PIC May 7, 2008, 10:13 am Trading Pivot Points - Scratching is an Art Too - PIC May 16, 2008, 8:06 am Pivot Points - Day Trading the LT SW Channel - PIC August 5, 2008, 11:23 am Day trading Pivot Points - Double Top Pattern - PIC March 5, 2008, 10:26 am Day Trading Pivot Points - Rare Mid-air PMT Signal - PIC January 14, 2008, 10:31 am Trading Pivot Points - Exit Now! Signal - PIC May 15, 2008, 5:05 am