|
Commodity and Futures - Physical commodity and financial futures markets.
|
|
|
|
|
Posted by Asher on September 23, 2008, 12:20 pm
BS"D
Daytrading Course
Learn to Read the Tape
Exploit Pit Pivot Points
******************************
PIVOT MAGIC TRADING JOURNAL - EXCERPT
Good morning,
CAVEAT:
Now is a good time for paper trading and practice.
Read and heed NOTES A & B, below.
Lots and lots of traps on Monday. Only one decent trade, but
hopefully it paid the bills for you!
******************************
E-mini
Monday Sept 22, 2008
NOTE A: The ABS for several weeks has been bloated. Bloated ABS
conditions, warnings, and precautions continue to apply.
To avoid getting stopped out at every Price adjustment, expand the
Pivot Magic Trading Maximum Profit Giveback (MPG) and
stop placement spacings.
NOTE B: The expanded spacings (NOTE A, above) obviously make for
greater risk exposure. Of course, the profit per minute
potential increases as well. This presents no threat to well-funded
advanced traders, but intermediate traders might wish to
trade less contracts than usual (thus less of your funds are at risk);
whereas beginning PMTers might even elect to sit out the
fireworks. To reflect the ABS, our MPG limit needs to at least as
large as, or larger than, the average candle in order to avoid
sudden-death Price Action swings. That said, let us proceed.
[SNIP]
2 = First S1 retest. Volume (pink arrow) is so paltry that there is
nothing to consider.
3 = Second S2 retest. We don't like to rely on DVS-based signals
(pink arrow) for longevity. Still sitting.
4 = Failed TTT (Third Time Through). Our "Failed TTT Corollary" makes
this a high probability entry. Aggressive entry below the MA, with
initial stop
advanced above the MA.
C = Large red candle puts our position in MPG violation. Mental stop
at Giveback.
D = Another large red candle (Bear Dragonfly) puts our position in MPG
violation. Mental stop at Giveback.
E = Sudden DVS (pink arrow) drives a huge Marubozu sumo candle most of
the distance to the S2. Position is in MPG jeopardy. Mental stop at
Giveback level.
F = Small exhaustion gap and large spinning red top (an exhaustion
sign too) invite us to move the profit-locking stop above the high of
the candle.
G = Large red candle taps on the S2. Ideal exit was a Pivot Scalp
exit as soon as Price Action retracted from S2.
Even the more greedy amongst us should have exited when, exactly at
EOD Hiccup Danger Time, the next candle spikes through the S2,
retracts,
and shows white. +/- 13.50 points
PERSPECTIVE
(Daily, bottom chart)
Bears retrace most of Friday's large white candle, closing nose-down
at the Historical S/R (double aqua line).
Looks like another Bear in the works for Tuesday, but with Price
Action swinging wildly, nothing's for sure except:
REMEMBER: Trade the tape, not my prognosis!
Asher
=] ;-)>
Pivot Magic Trading Course
http://www.tradingthingys.com/PMTJ/Commodity%20Day%20Trading.html
Monday's PMT Chart:
Http://www.TradingThingys.com/PMTJ/PivotMagic092208.gif
|
| Similar Threads | Posted | | Daytrading Pivot Points - Let Profits Run - CHART | May 2, 2008, 9:18 am |
| Daytrading Pivot Points - Fibonacci Channel - CHART | December 21, 2007, 8:45 am |
| Daytrading Pivot Points - Black Bar of Death - CHART | April 7, 2008, 8:41 am |
| Daytrading Pivot Points - Ride the Trend - CHART | July 15, 2008, 9:39 am |
| Day Trading Pivot Points - Pivot Scalp Exits - CHART | May 23, 2008, 8:24 am |
| Pivot Points - Up Up and Away - Chart | July 9, 2008, 5:10 am |
| Pivot Points - The Monster Move - CHART | October 22, 2007, 7:43 am |
| Pivot Points - Day Trading A Twister - CHART | June 5, 2008, 9:59 am |
| Pivot Points - LT SW Channel Re-establishes - CHART | August 27, 2008, 10:11 am |
| Daytrading Pivot Points - It's TA for Me | June 30, 2006, 8:43 am |
|
|
|
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap