Daytrading Pivot Points - Thursday Bonanza

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Subject Author Date Daytrading Pivot Points - Thursday Bonanza azlcpa 05-12-2006
Posted by on May 12, 2006, 8:07 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 Thursday (11 May 2006) _____________________ PHASE 2 of our earlier projection has completed/initiated??? "...Massive retest of the L-T Sideways Channel ceiling..." (That's an understatement!!!) And: "...Not much to add to our earlier assessment. Suffice it to say that Thursday and Friday may be full of excitement." LOL!!! 'Twas!!!!!! TGIF!!! ************************** 1 = From the bell, trading opens at the Close, and Anomaly Reverses (See 10-Minute, bottom left chart) through the Pivot. A = "S", 123 (half-hearted) retest of the Pivot. Could add contracts or "Second chance" enter here. Failed test of MA. Move profit-locking stop above the MA, per our rules. B = Large red candle closes well south of the Mid. Move profit-locking stop above the Mid (moderately aggressive choice). 2 = Nice 123 "S" at the S1. Second chance to enter ongoing move or to add contracts. Failed test of MA. Move profit-locking stop above MA. Position is already nicely profitable, with profits protected. C = Second healthy red candle closes below S1. Inch profit-locking stop down a bit, above the S1. Price Action penetrates the L-T Sideways Channel ceiling (light blue line)!!! D = Large red candle through the MidW. Move profit-locking stop above the MidW Aggressive choice because: * It's still some time to lunch. * The Bull leg of the Doji Sandwich Volume (middle chart) generates almost no Bull Price movement. E = Failed test of MA. If you took the less aggressive choice above in = D, move profit-locking stop above the MA now. And Price Action never looks back at the light blue line of the ceiling again! F = Failed test of MA, through the S2. Move profit-locking stop above the MA (Lunchtime any minute now.) G = Exhaustion gap and second healthy red candle closes below S2. Move profit-locking stop above S2. This left PMTers protected and calm during the fake DVS reversal (middle chart). H = Large red candle/Failed test of MA bangs against S3. DVS (middle chart). Per the rules, move profit-locking stop above the MA. No meaningful, Bull, Price Action response to the bounce on S3. Our profits are well protected going into the lunchtime droop and drift. J = Large red candle/Second below S3/Failed test of MA. DVS (middle chart). Brakes have been applied. One more high-volume candle slides, = K, to tap (twice actually) on the light blue line. Hey, that's the L-T Sideways Channel floor!!! Wow! Nice ride. That's just too much to give back in an S3 retest. Take a look at the absolute Momentum stall on the 10-Minute (bottom left chart). Exit Now. 15 points Multiple contracts (?), and that's a hefty bite! Still wondering if Wednesday's FOMC would shake things loose? LOL! PERSPECTIVE (Daily, bottom right chart) Got a mite more Bearish than we expected!!! Volume was stupendous! Assumedly, a breather or a vigorous bounce expected on Friday. But, Fridays have been tricky lately. TGIF!!! REMEMBER: Trade the Tape, Not my Prognostics! Asher =] ;-)> Pivot Magic Trading Course http://www.TradingThingys.com Thursday's PMT Chart: Http://www.TradingThingys.com/PMTJ/PivotMagic051106.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