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Posted by Asher on August 29, 2008, 8:15 am
BS"D
Daytrading Course
Learn to Read the Tape
Exploit Pit Pivot Points
******************************
PIVOT MAGIC TRADING JOURNAL - EXCERPT
Good morning,
In yesterday's Daily Pivot Magic Trading Journal, PERSPECTIVE: we
mused,
"So far the LT SW Channel is holding. A ceiling attempt looks to
be almost a must for Thursday morning."
Following overnight trading, Thursday opened with an immediate (2nd
candle out the gate!) LT SW
Channel ceiling assault. That battle consumed the morning. Then, a
similar running battle at the
nearby R2 consumed the remainder of the day.
Not a whole lot to trade though.
TGIF!!!
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E-mini
Thursday August 28, 2008
1 = Morning session open gap-up with an Anomaly (Overnight, bottom
left chart) at the R1. Volume is strong (pink arrow, it usually is
strong during
opening range, so this doesn't tell us much). With the semi-permeable
LT SW Channel ceiling in our path, we insist on confirmation (Volume)
and a
breakout to enter.
And the encounter with the Historical S/R, extreme breakout from the
LT SW Channel
(Daily, bottom right chart, aqua line) ceiling (aqua zone) is
underway.
A = First assault: Volume is supportive, but the attempt fails.
2 = Second assault: Even were we to ID this as a tradable signal,
perhaps a Double bottom as well, the Volume (pink arrow) does not
confirm.
3 = Third assault: Failed TTT of the R1. Volume is supportive, but
there is not really a signal.
[SNIP]
The morning clock runs out with a running battle at the aqua line.
Looks mainly like the Resistance-turned-Support is holding.
4 = More of a kickoff than an R1 retest, this signal is supported
(oddly at this hour) by strong Bull volume (pink arrow). Entry above
the aqua line.
D = DVS (pink arrow, Exhaustion already? Wassup today?!?) drives a
monster white candle through the R2. Per PMT stop rules, move the
profit-locking
stop under the R2.
E = When did YOU exit?
* Bull Volume drops off (pink line, sign of exhaustion).
* Price Action tapes a pair of small (for today's ABS) white spinning
tops (signs of exhausted Momentum).
* R2 Resistance-turned-Support survives a low-Volume retest. Another
attempt and our stop may be in jeopardy.
* Low-Volume, a very feeble Bull attempt at recovery leads to a more
serious, failing, attempt (blue arrow, The Bulls
cannot recover the Momentum).
No more excuses, first sign of red on the next candle, out! +/- 3.25
points
The rest of the BBs leave and the Volume never recovers, as the
remainder of the day tapes a protracted battle at the R2. Nothing
tradable.
[SNIP]
REMEMBER: Trade the tape, not my prognosis!
Asher
=] ;-)>
Pivot Magic Trading Course
http://www.tradingthingys.com/PMTJ/Commodity%20Day%20Trading.html
Thursday's PMT Chart:
Http://www.TradingThingys.com/PMTJ/PivotMagic082808.gif
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