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Posted by Asher on January 30, 2008, 7:43 am
BS"D
Daytrading Course
Learn to Read the Tape
Exploit Pit Pivot Points
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PIVOT MAGIC JOURNAL - EXCERPT
Good morning,
Folks, this might be the shortest class ever. What a miserable
day in the e-mini. Sorry, but it's not MY fault! LOL!
On the other hand, when to sit on the sidelines is perhaps the
most important lesson of all!
Wednesday may be wicked at the pre-open GDP report time, which
could set the tone for some rock-n-roll during the day session.
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
Tuesday January 29, 2008
Day session opens gap-up, does a mid-air flip, and heads back to
close
the gap.
1 = Doji Spike Sandwich off the Close:
* We hesitate to trade off the Close without a
self-confirming set of signals.
* The huge Black DVS Bar of Death (middle chart)
and resulting Doji spike are in response to the
discouraging Consumer confidence report.
There is no way we want to get in the way of that
train.
NOTE: There was of course no justification for the wicked (7-point)
Doji
from 2007 data. Everyone already knew what to expect and it was
already
factored into the market price level long ago. Besides, the S&P IS
the
index of consumer confidence! Go figure.
The rest of the day swings sideways in a relatively narrow range,
nowhere near any
of our PLs. Thus, there was nothing even vaguely tradable all day.
Surely by the time the mid-air TTT of 1356 (?) failed you shut down
the monitor and
went in search of a good deed to do, or took a nap (too cold for
fishing).
PERSPECTIVE
(Daily, bottom chart)
Price Action still hasn't recovered after the Fed's drastic
action brought things to a skidding halt last week.
Tuesday's small-range candle was white, bull, but pretty meek.
Expecting things to plummet again Wednesday following the GDP
report (even if the Fed gets generous [sic] and drops the
interest another .25%).
Make a plan. Be prepared.
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/PivotMagic012908.gif
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