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Posted by Asher on April 11, 2008, 8:53 am
BS"D
Daytrading Course
Learn to Read the Tape
Exploit Pit Pivot Points
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PIVOT MAGIC JOURNAL - EXCERPT
Good morning,
Another retest of the green line (as we expected) yielded to a decent
run
up before Price Action wafted back down to the Close at EOD.
A couple of OK trades. (We've gotten spoiled by the violent moves in
March.
Actually, 4-5 point trades are considered to be nice trades in
"normal"
market circumstances.)
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 April 10, 2008
Session opens with a small gap-down, and heads straight for the
Historical S/R (Daily, bottom right chart, green line).
1 = Perfect Doji spike Sandwich off the S1, which seems to be the
actual S/R level (10-Minute, bottom left chart, nice pair of Bull
Dragonflies).
Make note of the Volume pattern (middle chart) as well. When the
Black Volume Bar is a DVS the signal is an especially good bet!
A = Entry on large white candle permits advancing the initial stop
under the low of the candle, for reduced Undefended At Risk.
B = Breakaway gap and large white candle. My custom is to put the
stop in the gap and solve the Maximum Profit Giveback violation as
well.
C = Twin Towers (middle chart) and the position is once again in
violation of Maximum Profit Giveback rules with no excuse to advance
the stop.
Must exit. This really hurts so close to the Primary Objective, the
Pivot. +/- 4.50 points (got positive slippage at least!)
. . . [SNIP] . . .
PERSPECTIVE
(Daily, bottom right chart)
Second day tapping on the Historical S/R (green line). A bit
surprised that the assault wasn't more vigorous.
In fact, at this point, the tape is showing a possible 2-bar reversal
off the S/R. Going up?!?
But today is Friday, so watch out for traps!
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/PivotMagic041008.gif
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