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Posted by Asher on July 23, 2008, 10:12 am
BS"D
Daytrading Course
Learn to Read the Tape
Exploit Pit Pivot Points
******************************
PIVOT MAGIC JOURNAL - EXCERPT
Good morning,
Tuesday was most interesting. A Sideways day, with aborted moves, a
false breakout trap
(did you fall into it?), and one lovely, high-Volume, Bull trade.
One would surely expect either a Bear retracement or some other kind
of breather at this
juncture, but, as you may have noticed, we don't always get what we
expect!
Wear you seatbelts for the rest of the week.
******************************
E-mini
Tuesday July 22, 2008
[SNIP]
4 = Failed TTT and a 123 off the Pivot. Once Price Action crosses
below the semi-permeable aqua line, aggressive entry to the S1 (proven
Support) pulls us in.
Arrrgghhh! It was a trap. Should have relied on all those TELLs (=
X, blue arrows) instead of on the false LT SW Channel ceiling (aqua
dashed line). Go know!
When the third candle following shows white, readers of the tape
hopefully saw a Pivot retest coming and jumped out with a small
profit. All the rest of us were
taken out at the stop for a loss. Booo!
5 = The trap made for an untradable reversal with a preceding trend
(blue arrow), thus the "S" 123 on DVS (pink arrow), complying with all
those easy to miss
TELLs, pulls us in above the "green fog". Initial stop advances under
the Pivot.
D = Price Action stalls. Large white candle (although it looks small,
this white Bull Dragonfly Doji is over 2 points long). Per our stop
rules, gladly (no rule for
"gladly") move the profit-locking stop under the low of the candle,
reducing At Risk.
E = Marubozu (full-bodied candle without wicks) failed test of MA.
Rules tell us to briskly move the profit-locking stop under the MA.
Finally, we can exhale,
with profit secured.
Volume is constantly building (lavender line), a very encouraging sign
as we approach the Primary Objective, R1.
F = Large(ish) white candle. Per our rules, move the profit-locking
stop up, under the low of the candle.
G = Another encouraging sign, as a large white (almost Bull Dragonfly)
slams through the R1. PMT stop rules tell us to move the profit-
locking stop under the R1.
H = Volume is still on the rise! Large white candle through the
High. Move the profit-locking stop under the High, locking in just a
bit more profit. BTW, that's a
2-candle 123 of the R1, a great opportunity to add contracts.
J = Huge DVS (pink arrow). Desperate stretch through the LowM, to R1,
implies exhausted Momentum. Our stop rules advise to move the profit-
locking stop
under the LowM.We get taken out at our stop. +/- 8 points
Classic V checkmark shaped EOD Hiccup (lavender lines) does a 123
through the R2, and stretches to tap on the next higher Historical S/R
level (Daily, bottom
right chart, light blue line - I'm running out of colors today!)
PERSPECTIVE
(Daily, bottom right chart)
Much to our surprise, the Bulls continued the assault, forcefully
exiting the lowest LT SW channel (aqua dots and dashes),
and driving to the light blue line of Historical S/R. Still got some
way to go to even call this a Retracement, but it is good
for the foreign currency exchange rate!
That's one good thing about daytrading, we don't really care which way
it goes, as long as it takes us along for the ride!
(Thanks for the phrase, Keith.)
Asher
=] ;-)>
Pivot Magic Trading Course
http://www.tradingthingys.com/PMTJ/Commodity%20Day%20Trading.html
Tuesday's PMT Chart:
Http://www.TradingThingys.com/PMTJ/PivotMagic072208.gif
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