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Posted by Asher on February 15, 2008, 9:15 am
BS"D
Daytrading Course
Learn to Read the Tape
Exploit Pit Pivot Points
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PIVOT MAGIC JOURNAL - EXCERPT
Good morning,
We've gotten spoiled over the past few months, so even a 20-point
range day,
which we once called a large-range day, feels lackadaisical.
Scored a few points Thursday, but nothing overly exciting (except for
that nasty
2:45 Bear candle!)
President's Day (market holiday) on Monday. Due to unreliable data
for our PL
calculations, that means we won't trade Tuesday (which will, of
course, most
likely be our large range day, sigh). First PMT trading day is
Wednesday.
See you in class Thursday for the blow-by-blow rehash!
TGIF!!!
Be well,
=] ;-)>
******************************
BS"D
Pivot Magic Trading
First rule:
"...Any time you don't know what is happening, get out!"
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E-mini
Thursday February 14, 2008
. . . [SNIP] . . .
4 = The S1 Resistance has yet to be tested; so this 2-bar (completing
on the third candle, BTW) with supporting
Volume is an opportunity.
E = Being pulled in on this large white Marubozu (full-bodied candle
without wicks) permits us to advance the
initial stop under the Low, for low Undefended At Risk.
F = Before we can react, Price Action does a snappy 123 at S1
Resistance. When the S1 is penetrated
by this giant white candle:
* Add contracts.
* Maximum Profit Giveback rules are violated.
Mental stop at Giveback level.
G = Exhaustion gap followed by a moderately large white candle through
the MidW. Move profit-locking stop
under the MidW.
NOTE: The Twin Towers (middle chart) tells us that a stall/sag is
coming immediately.
When the next candle turns red for an instantaneous Momentum reversal,
promptly
Exit Now! +/- 6.50 points
With EOD Hiccup Danger Time is nigh upon us, that's all folks! Time
to shut down the monitor.
PERSPECTIVE
(Daily, bottom chart)
Not much to say really. Price Action seems to be well supported by
the Historical S/R (green line),
but not yet decisively so. We haven't had a super-range day in a
while, so I'm still expecting one.
Friday's are always full of the unexpected (except for the "expected"
traps), but with the markets
pretty much closed for President's Day Monday, don't anticipate
anything too conclusive.
Beware the traps on Friday!
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/PivotMagic021408.gif
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