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Posted by Asher on December 21, 2007, 8:45 am
BS"D
Learn to Read the Tape
and Exploit Pit Pivot Points
KISS Daytrading Course
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PIVOT MAGIC JOURNAL - EXCERPT
Good morning,
Trading range was a bit smaller than it has been, so
there were no giant trades on Thursday. Clipped a
couple of average moves, and were forced to scratch
one at about breakeven.
TGIF!!! Have a wonderful extended holiday vacation.
Be well,
=] ;-)>
******************************
BS"D
Pivot Magic Trading
First rule:
"...Any time you don't know what is happening, get out!"
******************************
E-mini
Thursday December 20, 2007
1 = Morning session opens gap-up with an Anomaly (Overnight, bottom
left chart,
Double top formation) off the R1. Aggressive entry was possible.
(Reread that chapter!)
A = Large red candle. Per our stop rules, move profit-locking stop
above the high
of the candle.
B = Giant red candle/Failed test of MA (sort of). Move profit-locking
stop above
the MA. Otherwise, call it a single candle violated Maximum Profit
Giveback rules.
Mental stop at Giveback level.
C = Large red inverted (Bull) Dragonfly spikes through the Pivot. PMT
stop rules
permit us to move profit-locking above the high of the candle. Hate
stalling in the
"green fog" Ambush Zone! Prepare to jump.
D = Large red candle rips through the Close and exits the fog. Per
our rules, move
profit-locking stop above the Close.
Lower-low-turns-white. That's a J-hook. Exit Now! +/- 7.50 points
. . . [SNIP] . . .
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PERSPECTIVE
(Daily, bottom right chart)
Thursday was yet another breather day spanning almost the
entire channel between the 50% (red line) and 62% (dark red
line) Retracement levels. I snapped the Daily chart picture
well into the night session. Notice that overnight Price
Action has already assaulted the 50% Retracement. Perhaps
a nice rangy Bull day Friday? It will almost surely be full
of traps.
Beware!
REMEMBER: Trade the Tape, Not my Prognostics!
Asher
=] ;-)>
Pivot Magic Trading Course
http://www.TradingThingys.com
Thursday's PMT Chart:
Http://www.TradingThingys.com/PMTJ/PivotMagic122007.gif
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