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Posted by Asher on March 5, 2008, 10:26 am
BS"D
Daytrading Course
Learn to Read the Tape
Exploit Pit Pivot Points
******************************
PIVOT MAGIC JOURNAL - EXCERPT
Pivot Magic Trading
First rule:
"...Any time you don't know what is happening, get out!"
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E-mini
Tuesday March 4, 2008
. . . [SNIP] . . .
Morning opens gap-down below the S1, and immediately trades back up
through that PL.
1 = M-shaped Double Top pattern at the S1. With strong Volume (middle
chart), aggressive entry was possible as the
signal completed.
A = Regular entry on this candle. Either way, initial stop can be
advanced above the S1 for very controlled
At Risk.
B = Large red candle through the Low. Per Pivot Magic Trading stop
rules, move profit-locking stop above
the Low.
C = Small (exhaustion?) gap and large red candle. Move profit-locking
stop above the high of the candle.
(BTW, though we have no rule for it, I personally tend to put the stop
in the gap in these circumstances.)
D = Large red candle. PMT stop rules tell us to move the profit-
locking stop above the high of the candle.
NOTE: ABS is large today so our Maximum Profit Giveback rule should
be expanded to 2.5-3.0 points, should the occasion arise.
E = Large red candle through the S2. (Note that this is also the
floor of a somewhat sketchy LT Sideways
Channel. Daily, bottom chart, lavender lines.) Move profit-locking
stop above the S2.
The red candle was generated by a DVS (middle chart), implying
exhausted forward Momentum. So, if our
stop weren't already there, when the next candle crossed above the
semi-permeable lavender line we
would have exited.
Cancel-Replace would be most risky here (don't want to accidentally
get reversed against our will).
With no real alternative, instead, we were taken out at our stop. +/-
8.0 points
. . . [SNIP] . . .
EOD Hiccup almost closes the gap. That leaves the BBs an obvious
"must do" for the open tomorrow!
PERSPECTIVE
(Daily, bottom chart)
Nothing much to say about this tape.
Price Action is inside what appears to be a LT Sideways Channel
(lavender
channel lines). The Historical S/R (green line) may well slow any
progress
north for Wednesday.
REMEMBER: Trade the Tape, Not my Prognostics!
Asher
=] ;-)>
Pivot Magic Trading Course
http://www.TradingThingys.com
Tuesday's PMT Chart:
Http://www.TradingThingys.com/PMTJ/PivotMagic030408.gif
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