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Posted by Asher on February 27, 2008, 5:17 am
BS"D
Daytrading Course
Learn to Read the Tape
Exploit Pit Pivot Points
******************************
PIVOT MAGIC JOURNAL - EXCERPT
E-mini
Tuesday February 26, 2008
. . . [SNIP] . . .
2 = Multiple 123's obviously comprise a self-confirming set of signals
off the Close. Volume support is strong
(middle chart).
A = Entry on this large inverted (Bear) white Dragonfly. Initial stop
under the Close.
NOTE: The ABS today is very large so Pivot Magic Trading Maximum
Profit Giveback rules
can be expanded to 2.5-3.0 points. This will keep us from being taken
out prematurely
at every minor adjustment.
B = Large white candle through the High. Per PMT stop rules, move
profit-locking stop under the High.
C = Large white candle puts us in violation of Maximum Profit Giveback
rules. Mental stop at Giveback.
D = Large white candle. Per our rules, move profit-locking stop under
the low of this candle.
E = Failed test of MA/large white candle puts our position in instant
violation of Giveback rules. Mental stop at
Giveback level.
F = Sudden monster DVS (middle chart). Forward Momentum is surely
exhausted with this large white candle.
We are also in Maximum Giveback violation. Mental stop at Giveback.
The spike tail of the very clear inverted (Bear) white Dragonfly on
the higher time frame perspective (10-Minute,
bottom left chart) underscores the end-of-move prediction. Eyes
pealed!
When the next candle shows red we must anticipate a test of R1
Resistance-turned-Support. That means our
Giveback level stop will be hit. Exit Now! +/- 11.50 points
. . . [SNIP] . . .
PERSPECTIVE
(Daily, bottom chart)
Nothing but the obvious to report here. Price Action has continued to
inch (decent range, but relatively, the
Price Action could only be described as inching) upward. Unless the
Bulls really get behind this move NOW,
expect a sag and retest of the Historical S/R (green line).
REMEMBER: Trade the Tape, Not my Prognostics!
Asher
=] ;-)>
Pivot Magic Trading Course
http://www.TradingThingys.com
Tuesday's PMT Chart:
Http://www.TradingThingys.com/PMTJ/PivotMagic022608.gif
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