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Posted by Asher on September 4, 2008, 11:15 am
BS"D
Daytrading Course
Learn to Read the Tape
Exploit Pit Pivot Points
******************************
PIVOT MAGIC TRADING JOURNAL - EXCERPT
Good morning and welcome back,
Starting September 01, for the first time in quite some time, we have
more beginning PMTers
than advanced, more experienced students. I mention this because it
means that we will be
focusing the commentary more conspicuously on basics, clinging to the
raw PMT rules more
closely. For example, that means less frequent application of
aggressive entry techniques.
Overall, this is probably a very good exercise for more experienced
PMT traders as well.
Enjoy and be well,
******************************
Pivot Magic Trading
First rule:
"Any time you don't know what is happening, get out!"
******************************
E-mini
Wednesday Sept 03, 2008
[SNIP]
4 = Failed TTT of the Close/Full-scale Head-and-Shoulders pattern.
Volume is still strong. Not a mandatory confirmation, but nice to
note this close to lunchtime.
D = Large red candle pulls us in. Still shaky from the previous two
debacles, scoot the initial stop to "free trade" immediately.
E = Large red inverted (Bull) Dragonfly. Move profit-locking stop
above the high of the candle.
F = Healthy red candle (with the identical high as the previous
candle, = E) puts our position in violation of Pivot Magic Trading
Maximum Profit Giveback rules.
Inch the profit-locking stop down a tik or two, mental stop at
Giveback level.
G = Large red candle through the Low. Per our PMT stop rules, move
the profit-locking stop above the Low.
H = Late in the move DVS (sign of exhaustion) generates an exhaustion
gap and a large red inverted (Bull, sign of pending exhaustion) with a
long bottom wick.
The Momentum is waning, and the Bulls are spinning their tires trying
to gain reversal traction. Per our stop rules, move the profit-
locking stop into the gap.
J = Another large red inverted (Bull) Dragonfly. Forward Momentum is
skidding to a stop. Per our PMT stop rules, move the profit-locking
stop above the high of
the candle.
Interesting! Bulls fumble the recovery on very diminished Volume.
K = DVS (that's it, Momentum is now fully exhausted) generates a
large, red, inverted (Bull, still skidding, as Bulls again spin their
wheels trying to gain traction
to reverse) Dragonfly. Briskly, move the profit-locking stop above
the high of the candle.
L = Ugly pair of Black Volume Bars of Death (pink arrow) Doji
daggers. First sign of white, and this is fatal. Lower-Low-Turns-
White/Bull Dragonfly. Exit Now!
+/- 8 points
[SNIP]
PERSPECTIVE
(Daily, bottom right chart)
Not really a lot to say. Tuesday was a large-range, red Bear
Dragonfly day, bouncing off the semi-permeable
LT SW Channel ceiling (aqua line) into the middle of the Channel.
Wednesday was a spinning top breather,
hovering mid-channel.
Thursday could go either way, but following a failed TTT of the
Channel ceiling, a TTT Corollary attempt at the
LT SW Channel floor seems very likely.
REMEMBER: Trade the tape, not my prognosis!
Asher
=] ;-)>
Pivot Magic Trading Course
http://www.tradingthingys.com/PMTJ/Commodity%20Day%20Trading.html
Wednesday's PMT Chart:
Http://www.TradingThingys.com/PMTJ/PivotMagic090308.gif
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