Daytrading Pivot Points - Black Bar of Death - CHART

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Subject Author Date Daytrading Pivot Points - Black Bar of Death - CHART Asher 04-07-2008
Posted by Asher on April 7, 2008, 8:41 am BS"D Daytrading Course Learn to Read the Tape Exploit Pit Pivot Points ****************************** PIVOT MAGIC JOURNAL - EXCERPT Good morning, Friday, lots of traps, a few small trades, and an ulcer! LOL! What will Monday bring? Be well, =] ;-)> ****************************** BS"D Pivot Magic Trading First rule: "...Any time you don't know what is happening, get out!" ****************************** E-mini Friday April 04, 2008 . . . [SNIP] . . . 2 = Finally, Bull Volume (middle chart) exerts with a 2-bar "P" bounce off the S1. Aggressive entry during the last minute of the completing white candle, well above the close of the red Bull Dragonfly spike. A = A gap and a large, white, long-tailed Bull Dragonfly. Although the rules say to move the profit-locking stop under the low of the candle, my habit it to put it in the gap. B = Large white candle through the Mid. Per our rules, move the profit-locking stop under the Mid. C = DVS (middle chart) drives a large white candle through the Pivot. Move Profit locking stop under the Pivot. Price Action hesitates at the Close. Don't like hovering in the "green fog" ambush zone. With lunchtime coming soon we are eyes pealed for and exit. D = Large white candle through the Close. Briskly move the profit- locking stop under the Close. Tape now displays two tiny inverted (Bear) white Dragonflies. A very bad sign. Momentum is exhausted and a retest is coming, and we have about 2 points of profit exposed. Soon as the next candle shows red Exit Now! +/- 5.75 points NOTE: ABS today is bloated so consider expanding the Maximum Profit Giveback margin as well as the stop spacing. This will avoid getting stopped out at every adjustment and trap. It IS Friday, remember. . . . [SNIP] . . . 3 = A 123 converts to a Double-bottom, self-confirming set of signals, through the Close. Volume confirms (middle chart). Aggressive entry technique as Price Action exits the "fog" would be appropriate. Initial stop can be advanced under the Close. E = Large white candle. Per our rules, move profit-locking stop under the low of the candle or a mental stop to Giveback level, depending on your earlier decision (NOTE: above). F = Large white candle. PMT stop rules say to move the profit-locking stop under the low of the candle. G = Second healthy (?) white candle closes above the High. Move profit-locking stop under the High. Price Action fails the test of both the MA and the Resistance-turned- Support at the High. H = Gap (exhaustion?) and inverted (Bear) large white Dragonfly spikes through the R1 and pulls back (exhaustion). Move the profit-locking stop under the low of the candle/in the gap and prepare to exit. Next candle is a small Doji on a large Black Volume Bar of Death (middle chart). The R1 Resistance is holding. The instant the next candle shows red Exit Now! +/- 6.25 points . . . [SNIP] . . . PERSPECTIVE (Daily, bottom chart) Three Doji breather days in a row. Price Action is bound to break loose soon. North or south, a retest of the Historical S/R (green line) is likely to be part of the maneuver. REMEMBER: Trade the Tape, Not my Prognostics! Asher =] ;-)> Pivot Magic Trading Course http://www.TradingThingys.com Friday's PMT Chart: Http://www.TradingThingys.com/PMTJ/PivotMagic040408.gif Similar Threads Posted Daytrading - Black Bar of Death - CHART January 29, 2008, 9:00 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 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