Daytrading Pivot Points - TGIF Tricks - PIC

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Subject Author Date Daytrading Pivot Points - TGIF Tricks - PIC Asher 05-05-2008
Posted by Asher on May 5, 2008, 7:38 am BS"D Daytrading Course Learn to Read the Tape Exploit Pit Pivot Points ****************************** PIVOT MAGIC JOURNAL - EXCERPT Good morning and a good week, As usual, Friday was a rough trading day with lots of traps. Squeaked out a few brief trades before we shut down early for a "long" weekend. LOL! Be well, =] ;-)> ****************************** BS"D Pivot Magic Trading First rule: "Any time you don't know what is happening, get out!" ****************************** E-mini Friday May 02, 2008 Friday morning opens gap-up above the R1, trades back through, but reverses mid-air for an R1 retest. 1 = Reversal time, and that's just what the Price Action does! Tape displayed a pair of white Bear Dragonflies as Price Action skids to a stop give way to a lovely J-hook "P". A = Entry on a large red inverted (Bull) Dragonfly through/below the R1 permits us to advance the initial stop above the R1. B = DVS (pink arrow) generates a giant red candle, which puts our position in violation of the Pivot Magic Trading Maximum Profit Giveback rules. Mental stop at Giveback level. Is this exhausted Momentum so soon? NOTE: The ABS today is already quite bloated. Consider expanding the Giveback to 2.5-3.0, and even consider increasing our stop placement spacing a bit. C = Large red inverted (Bull) Dragonfly. Yet another indication of pending exhaustion. Per our stop rules, move the profit-locking stop above the high of the candle. A 10:30 mid-air 123, and the Bears continue south. D = Large red candle puts our position in Maximum Profit violation. Mental stop at Giveback level. Black Volume Bar of Death (pink arrow). Get ready to exit. Next candle is a Lower-Low-Turns-White. Following the Black Bar of Death, the instant this candle shows white we recognize one of our PMT Exit Now! signals. +/- 5 points Price Action now turns sideways, as the BBs go out to drink TGIF lunch. [SNIP] Afternoon Price Action drifts slowly back up toward the Close, telling us to shut down and get an early start on the weekend. At least we got that! PERSPECTIVE (Daily, bottom chart) Bull Price Action did advance a bit with a small inverted (Bear) Dragonfly day candle. This might be only a breather following Thursday's massive Bull assault, but with that long top wick, we have to be ready for a retest of the Historical S/R (green line) on Monday. REMEMBER: Trade the Tape, Not my Prognostics! Asher =] ;-)> Pivot Magic Trading Course http://www.TradingThingys.com Friday's PMT Chart: Http://www.TradingThingys.com/PMTJ/PivotMagic050208.gif Similar Threads Posted 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 - Fib 50% Support June 6, 2006, 11:19 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