Daytrading Pivot Points - Doji Heaven - PIC

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Subject Author Date Daytrading Pivot Points - Doji Heaven - PIC Asher 04-08-2008
Posted by Asher on April 8, 2008, 9:06 am BS"D Daytrading Course Learn to Read the Tape Exploit Pit Pivot Points ****************************** PIVOT MAGIC JOURNAL - EXCERPT Pivot Magic Trading First rule: "...Any time you don't know what is happening, get out!" ****************************** E-mini Monday April 07, 2008 . . . [SNIP] . . . NOTE: The avid tape reader, however, will note: * Bull DVS (middle chart) only netted a very small Bull advance in Price. * DVS-based reversals (especially mid-air) traditionally are not got good prospects for longevity. * Stop is very nearby, protecting profits. Advanced, experienced tape readers may have held on. G = If you held on, a large red candle/failed test of MA puts the position in violation of PMT Maximum Profit Giveback rules. Mental stop at Giveback level. H = Large red inverted (Bull) candle spikes to tap on the Pivot. Pivot Scalp exit as soon as Price Action crosses back above the Pivot was the ideal maneuver. Probably missed it, although the warning signs were all there. J = If you counted on the still strong Volume (middle chart) to carry Price Action lower (Pivot Scalp converts to PMT Scalp), you moved your stop above the Pivot as this large red candle crosses the Pivot and slams to a stop against the Close. Don't like hanging out in the "green fog" Danger Zone one bit! Next candle is a Lower-Low-Turns-White, Exit Now! It is rather unlikely that you had time for a Cancel-Replace and thus got taken out at your stop. +/- 7.25 points EOD closes with Price Action back cowering in the "green fog". . . . [SNIP] . . . PERSPECTIVE (Daily, bottom right chart) Price Action AGAIN taped a Doji day candle breather. Recall the basic rule of climbing: If you don't continue to go up, you will start to go down. Still expecting a vigorous testing/crossing of the Historical S/R (green line)! REMEMBER: Trade the Tape, Not my Prognostics! Asher =] ;-)> Pivot Magic Trading Course http://www.TradingThingys.com Monday's PMT Chart: Http://www.TradingThingys.com/PMTJ/PivotMagic040708.gif Similar Threads Posted Daytrading Pivot Points - Huge Doji Day! June 9, 2006, 12:00 pm 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 Daytrading Pivot Points - Fib 50% Support June 6, 2006, 11:19 am Daytrading Pivot Points - Let Profits Run - PIC July 2, 2008, 7:55 am