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Posted by Asher on February 26, 2008, 9:31 am
BS"D
Daytrading Course
Learn to Read the Tape
Exploit Pit Pivot Points
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PIVOT MAGIC JOURNAL - EXCERPT
Good morning,
Collected some points Tuesday! Not a monster day,
but not too shabby either.
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
Monday February 25, 2008
. . . [SNIP] . . .
For several long hours Price Action trades mid-air, leaving us with no
trading opportunities. Actually, there are a
couple of non-self-confirming signals off the Close, but without
strong Volume to support the moves, we are forced
to sit on the sidelines.
2 = Full-scale Double-bottom of the Close with a 123 kickoff.
Although Volume today is not overwhelming, it has been
consistently Bullish for the past half hour.
Best-case scenario: Taking the "S" 123 kickoff as an aggressive
opportunity, we get pulled in on a large white candle
(blue arrow).
F = Price Action hesitates for one nerve-wracking candle, and then
blasts northward on extraordinary DVS (Deseperation
Volume Spike, middle chart) Volume. This burst may well have
exhausted the Momentum.
Not sure whether to call this is a "Don't know what's happening"
situation or not, but it surely violatesPivot Magic Trading
Maximum Profit Giveback rules. Briskly move profit-locking stop under
the R1 (or Exit Now!)
G = Our old friend Higher-High-Turns-Red. If you didn't jump already,
the ideal exit was actually as soon as the spike of
the next candle crossed back under the LT SW Channel ceiling (lavender
line). +/- 11.25 points
. . . [SNIP} . . .
PERSPECTIVE
(Daily, bottom chart)
Not exactly the explosive breakout we have been anticipating, but
Price Action of Monday's daily
candle did close more than 20 points north of the Historical S/R
(green line)/LT SW Channel floor.
This might be the start of something big!
REMEMBER: Trade the Tape, Not my Prognostics!
Asher
=] ;-)>
Pivot Magic Trading Course
http://www.TradingThingys.com
Monday's PMT Chart:
Http://www.TradingThingys.com/PMTJ/PivotMagic022508.gif
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