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Posted by Asher on March 27, 2008, 8:49 am
BS"D
Daytrading Course
Learn to Read the Tape
Exploit Pit Pivot Points
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PIVOT MAGIC JOURNAL - EXCERPT
Good morning,
Once again we called it in yesterday's PERSPECTIVE:
"Price Action has stalled for a breather at the Historical S/R (green
line). It will
take some good news to generate a sufficiently serious assault to
permanently
cross above, so expect a probable dip instead . . . "
Really, I'd rather have had a decent trade and scored some points ,
but at least
we were right!
E-mini
Wednesday March 26, 2008
. . . [SNIP] . . .
PERSPECTIVE
(Daily, bottom chart)
As we anticipated, Price Action was repelled by defenses at the
Historical S/R
(green line). Even though Wednesday's descent was halted at the
ceiling of the
recently exited LT SW Channel (lavender channel lines), the tape now
displays
a Doji Sandwich pattern, implying probable Channel re-entry on
Thursday.
So much for the flawed Fed plan. Hah!
REMEMBER: Trade the Tape, Not my Prognostics!
Asher
=] ;-)>
Pivot Magic Trading Course
http://www.TradingThingys.com
Wednesday's PMT Chart:
Http://www.TradingThingys.com/PMTJ/PivotMagic032608.gif
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