Daytrading Pivot Points - Anomaly Trade - PIC

Commodity and Futures - Physical commodity and financial futures markets. 

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Subject Author Date Daytrading Pivot Points - Anomaly Trade - PIC Asher 07-25-2008  Re: Daytrading Pivot Points - Anomaly Trade - PIC stockhunt1 07-30-2008
Posted by Asher on July 25, 2008, 9:58 am BS"D Daytrading Course Learn to Read the Tape Exploit Pit Pivot Points ****************************** PIVOT MAGIC JOURNAL - EXCERPT Good morning, The best thing I have to say about Thursday's E-mini is that we called it, spot on, in yesterday's PERSPECTIVE: ". . . The inverted candle suggests a retest of the light blue line and maybe even the aqua dashed line of Historical S/R." Other than that, it was most painful to only get one really decent bite out of such a large-range trading day. Once again from the brighter side, applying our Money Management rules, we did avoid many opportunities to throw away our hard-earned trading funds. TGIF!!! ****************************** E-mini Thursday July 24, 2008 1 = Morning session opens with a whopper of an Anomaly (Overnight, bottom left chart) off the Pivot. Aggressive entry after Price Action leaves the "green fog" is warranted. Initial stop above the Close. A = Large red candle. Per our stop rules, move the profit-locking stop above the high of the candle, "free trade" plus. Nice! B = Price Action crosses below the recurring Historical S/R (light blue line) with a large red candle. Per the PMT stop rules, move the profit-locking stop above the high of the candle. C = Large red candle rips through the Low, slams into the S1, stabs through, and retracts. Will the S1 Support hold? Our stop rules say to move the profit-locking stop above the Low. D = Very large red candle through the LowM. Move the profit-locking stop tighter, above the LowM. Uh oh! A small red Spinning top candle suggests an S1 retest is coming, and our stop in the way. As soon as the next candle shows white, Exit Now! +/- 9.25 points Missed the exit? Taken out at the stop. +/- 8.25 points Nice way to start the day (and end it, as things turn out, sigh) ! 2 = Full-sized 123 continuation off the S1. Plenty of Price Window to the next lower objective, S2. E = Entry on smallish red Bear Dragonfly (blue arrow) though the LowM. Advance initial stop above the LowM for reduced At Risk. Move really takes off on this large, red, DVS-driven (pink arrow) candle. The position is immediately in violation of the Pivot Magic Trading Maximum Profit Giveback rules. Mental stop at (expanded for large ABS) Giveback level. Price Action stalls at S2, but the relatively small Price Action response to relatively strong Bull Volume tells readers of the tape that there is no threat at this time. F = DVS (pink arrow) drives a large Marubozu (full-bodied candle without wicks) through the S2. Per our rules, move profit-locking stop above the S2. Once again, large Bull Volume generates only a small Price response. Nonetheless, we are taken out at our stop one candle later. +/-4.25 points Price Action turns sideways, battling with the S2 S/R for a very long lunchtime drift. [SNIP] PERSPECTIVE (Daily, bottom right chart) The tape speaks for itself! Were it any day but Friday coming up, we could be certain of a breather day next. But, of course, it IS Friday!!! So: BEWARE OF TRAPS ON FRIDAY! REMEMBER: Trade the tape, not my prognosis! Asher =] ;-)> Pivot Magic Trading Course http://www.tradingthingys.com/PMTJ/Commodity%20Day%20Trading.html Thursday's PMT Chart: Http://www.TradingThingys.com/PMTJ/PivotMagic072408.gif Posted by on July 30, 2008, 2:57 am check this out turn your $150 to 1 Million It works for Jim Cramer why won`t it work for you Sign Up Now http://www.stockhunt.com/news-letter.aspx Similar Threads Posted Day Trade Pivot Points - Anomaly Entry - PIC June 25, 2008, 10:51 am Daytrading Pivot Points - Scratch that Trade! - PIC March 11, 2008, 9:13 am Daytrading Pivot Points - Mid-channel Trade - PIC September 4, 2008, 11:15 am Daytrading Pivot Points - It's TA for Me June 30, 2006, 8:43 am Daytrading Pivot Points - The "TELL" November 15, 2006, 9:47 am Daytrading Pivot Points - Going Down?!? - PIC March 27, 2008, 8:49 am Daytrading Pivot Points - What Just Happened? - PIC February 26, 2008, 9:31 am Daytrading Pivot Points - Anomalies - PIC March 17, 2008, 11:05 am Daytrading Pivot Points - Big Bites - PIC February 1, 2008, 9:24 am Daytrading Pivot Points - Blame the Fed? May 18, 2006, 8:29 am