|
Commodity and Futures - Physical commodity and financial futures markets.
|
|
|
|
|
Posted by on April 26, 2006, 6:49 am
BS"D
RULES AND CAVEATS
Pivot Magic Trading Course
First rule:
"...Any time you don't know what is happening, get out!"
http://www.TradingThingys.com
MARKET IN REVIEW - LITE
Tuesday (25 April 2006)
_____________________
Good morning,
Got that right yesterday; didn't we!
"Things remain pretty much the same as yesterday.
Still some chance of a TTT (Third Time Through)
at the contract high (blue line), but the Price
Action has described yet another indecisive, wispy,
Doji daily candle. This time rather small-range.
If the Bulls don't blast through on Tuesday expect
"gravity" to take over for the next stage of the
encounter."
Price is Mid-trend channel at strong historical S/R.
Please, anything but a stall/breather day! LOL!
********************
1 = Tuesday morning session opens at the Close, and bounces up for a
clean, interday
Double top (10-Minute, bottom left chart) off the High. Right at 10:00
Reversal time
too. Of course we don't enter:
* High is not a Primary PL
* Nothing to justify entry into "green fog"
* Pivot (always considered proven) interrupts
the Price Window. Too small to risk entry.
2 = Considered calling the crossing of the Pivot a 123 "S", but by the
time it completed
it seemed time for a breather/retest of the Pivot already. AND I
generally don't trust
DVS Signals. If you entered here, it was a legitimate decision.
If you entered:
Stop above the Pivot.
A = Second red candle closes below the LowW. Per our rules, move
profit-locking stop
above the LowW
B = Large red candle through the S1 and Historical S/R (red line. See
Daily, bottom
right chart as well.)
C = Uh oh! 10:30 Reversal Time DVS (middle chart) generates a red Bull
Dragonfly through
the Low. Momentum has suddenly reversed. On the tape, the following
three candles,
Dojis, give strength to this reading. S1 retest coming. Exit Now!
3 = Giant white candle rips through the red line and S1. Red Bear
Dragonfly "P" Signal
completes what turns out to be a Pivot retest, rather than a simple S1
retest. S1
remains effectively unproven.
D = Entry candle is also second red candle below the LowW. Place stop
above the LowW
for a low-risk entry.
Gap and stall at the S1. Not a good sign until...
4 = Price Action tapes a large and a small 123 at the S1. Very
inviting place to add
contracts, but as lunchtime approaches, not too inviting as an "S"
Second Chance entry.
E = Giant red candle/failed test of MA definitively crosses both the S1
and red line.
Move profit-locking stop above the S1 (medium aggressive choice,
anticipating lunchtime
drift to retest S1 - it didn't)
F = Breakaway (?) gap and another large red candle closes beneath the
Low.
Move profit-locking stop above the Low.
G = Heads up! DVS (middle chart) and wispy red Bull Dragonfly suggest
that the brakes
have been applied. Looking to exit.
H = Large red Bull Dragonfly through the S2. Forward Momentum
exhausted as braked Price
Action slides to a halt at the primary objective.
Not sure whether to exit?
* Mid-lunchtime and Volume drops.
Implies, at best, a long sideways drift.
* Consistent, albeit gentle, Bull Volume
(middle chart, = J). Now implies, upward
lunchtime drift.
With over 3 points on the table undefended, EXIT!!! +/-4.25 points
K = Massive series of red DVS (middle chart) and red Bull Dragonflies.
Support at the S2
is supreme. Anyone still in this position???
L = Wow! That's some Support at the S2! Failed TTT, just in time for
the EOD hiccup.
Not much, but at least we got off the sidelines for a while and got a
bite of the action!
=] ;-)>
PERSPECTIVE
(Daily, bottom right chart)
The TTT at Contract High appears to have failed. Price
Action is stalled with a large red Bull Dragonfly daily
candle at the 1310ish red line of Historical S/R.
Notice that this level is almost exactly the 50%
level/middle of the Long-term trend channel (green
channel lines).
Whereas, the bottom channel line now intersects the 62%
trend retracement level (Fib), after a day or so of
(expected) struggle at the red line, the 50%-LT trend
floor will probably present more serious dual Support
in a couple of days.
REMEMBER: Trade the Tape, Not my Prognostics!
Asher
=] ;-)>
Pivot Magic Trading Course
http://www.TradingThingys.com
Tuesday's PMT Chart:
Http://www.TradingThingys.com/PMTJ/PivotMagic042506.gif
|
| Similar Threads | Posted | | Daytrading Pivot Points - Fib 50% Support | June 6, 2006, 11:19 am |
| 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 - Let Profits Run - PIC | July 2, 2008, 7:55 am |
| Daytrading Pivot Points - CAVEAT - PIC | September 22, 2008, 11:55 am |
|
|
|
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap