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Posted by Asher on February 1, 2008, 9:24 am
BS"D
Daytrading Course
Learn to Read the Tape
Exploit Pit Pivot Points
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PIVOT MAGIC JOURNAL - EXCERPT
Good morning,
Got a few nice bites Thursday, but we had to let the afternoon
big one go. Sigh. Just as well, cause we would have gotten
stopped out early in the move anyway.
TGIF!!!
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Pivot Magic Trading
First rule:
"...Any time you don't know what is happening, get out!"
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E-mini
Thursday January 31, 2008
1 = Thursday morning opens with an Anomaly signal (Overnight, bottom
left chart and
10-Minute, bottom center chart) white Bull Dragonfly at the S1. P.S.
This candle
looks small because of the large trading range being viewed. At 9:30,
however, it
taped as a nice healthy candle.
. . . [SNIP] . . .
NOTE: It is already clear that the Average Bar Size (ABS) is
inflated today, so to avoid getting stopped out at every swing
and adjustment, consider expanding the Giveback to 3 points.
. . . [SNIP] . . .
3 = Very clean "S" 123 continuation through the Pivot. Aggressive
entry techniques
on = G, with initial stop at Giveback for some slippage, but an
immediate profit!
H = DVS (middle chart) generates a giant white candle through the
HighW, tapping
on the R1:
* DVS-driven stretch to PL implies Momentum exhaustion.
* Surely the BBs will soon go to lunch.
* Higher time frame (10-Minute, bottom center chart) tapes
an inverted (Bear) white Dragonfly with a huge trailing tail.
Yet another exhaustion sign.
Put all these end-of-move signs together, and when the next candle
shows red,
Exit Now! +/- 12.75 points
. . . [SNIP] . . .
5 = Double bottom with a kickoff (green arrow) from the Pivot. Volume
is pretty
punk as the BBs take a late lunch today. Let it go and watch from the
sidelines
as Price Action climbs almost 30 points to Wednesday's FOMC high.
That hurt, but
"safety first".
EOD Hiccup was wicked! Beware of traps on Friday!!!
Be well,
Asher
=] ;-)>
Pivot Magic Trading Course
http://www.TradingThingys.com
Thursday's PMT Chart:
Http://www.TradingThingys.com/PMTJ/PivotMagic013108.gif
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