Daytrading - Black Bar of Death - CHART

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Subject Author Date Daytrading - Black Bar of Death - CHART Asher 01-29-2008
Posted by Asher on January 29, 2008, 9:00 am BS"D Daytrading Course Learn to Read the Tape Exploit Pit Pivot Points ****************************** PIVOT MAGIC TRADING JOURNAL - EXCERPT ************************************* . . . [SNIP] . . . E-mini Monday January 28, 2008 1 = Monday morning opens with a full-scale Double bottom formation at the Close. Encompassing both the 10:00 and 10:30 Reversal Times, by definition, a Double bottom meets our self-confirming pair of signals criterion for an entry off the Close! A = Entry as Price Action exits the "green fog". Large white entry candle through the Close permits us to advance the initial stop under the Close for controlled At Risk. Remember, the Pivot is always considered proven. Be prepared for a Pivot Scalp type exit should Price Action stall there. NOTE: This is also a 2-bar 123 continuation, so you might want to enter with multiple contracts. B = Full 123 off the Close (great opportunity to add more contracts) and large white completion/breakout candle puts our position in violation of Maximum Profit Giveback rules. Mental stop at Giveback level. C = Giant DVS (middle chart) generates a rather puny white inverted (Bear) Dragonfly candle. This is a pair of bad signs, symptoms of Momentum exhaustion. The "D" in DVS really means desperation this time! Prepare to exit. DVS Black Volume Bar of Death (red arrow, middle chart). That's all folks! Hopefully, you Pivot Scalp exited when the Pivot was hit. If not, this Bar of Death is one of our Exit Now! signals. +/- 7.25 points . . . [SNIP] . . . PERSPECTIVE (Daily, bottom chart) No real Price gain from Monday's healthy white Bull Dragonfly day candle. Sort of damned if they do or damned if they don't, the Fed has a real challenge here: * If they don't drop the interest rate more, the market will sag. * if they do drop the interest rate more, it will be a sign of lack of confidence and, the market will sag. They should have left things alone in the first place. Anybody remember laissez faire capitalism? Only in the textbooks, alongside "rational consumer"! LOL! REMEMBER: Trade the Tape, Not my Prognostics! Asher =] ;-)> Pivot Magic Trading Course http://www.TradingThingys.com Monday's PMT Chart: Http://www.TradingThingys.com/PMTJ/PivotMagic012808.gif Similar Threads Posted Daytrading Pivot Points - Black Bar of Death - CHART April 7, 2008, 8:41 am Daytrading Volume - Black Bar of Death - PIC February 21, 2008, 8:56 am Daytrading Pivot Points - Let Profits Run - CHART May 2, 2008, 9:18 am Daytrading E-mini Pivot Points - CHART September 23, 2008, 12:20 pm Daytrading Pivot Points - Fibonacci Channel - CHART December 21, 2007, 8:45 am Daytrading Pivot Points - Ride the Trend - CHART July 15, 2008, 9:39 am The Death of NetworkMarketing December 19, 2007, 11:49 am The Death of NetworkMarketing December 27, 2007, 1:27 pm The Death of NetworkMarketing January 3, 2008, 2:42 pm Who's in the black and who's talkin smack? May 25, 2006, 3:56 pm