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Commodity and Futures - Physical commodity and financial futures markets.
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Posted by Asher on February 13, 2008, 9:26 am
BS"D
Daytrading Course
Learn to Read the Tape
Exploit Pit Pivot Points
******************************
PIVOT MAGIC JOURNAL - EXCERPT
Good morning,
Sorry to have been out of touch. My computer crashed. It turned out
to be a
Windows system failure. Cheaper to fix than hardware, but it meant a
complete
rebuild and lots of lost files and programs. Glad to be back in the
saddle!
See ya tomorrow for another exciting day in the E-mini!
Be well,
=] ;-)>
******************************
BS"D
Pivot Magic Trading
First rule:
"...Any time you don't know what is happening, get out!"
******************************
E-mini
Tuesday February 12, 2008
1 = Tuesday morning opens gap-up with an Anomaly (Overnight, bottom
left chart) 2-bar off the R1.
A = We're pulled in on a healthy large white candle, which permits us
to advance the initial stop under the R1.
B = Whoa! Got scared there for a few moments as Price Action did a
mid-air 123. Large white Marubozu (full-bodied candle
without wicks). Per PMT stop rules, move profit-locking stop under
the low of the candle (or better yet, since we have to
worry if the troops will rally into the hole punched by this sumo
assault, move it to "free trade".)
C = DVS (middle chart) generates another large white candle. This
time even if we move the profit-locking stop under the
low of the candle our position is in violation of the Maximum Profit
Giveback rules. Mental stop at Giveback level.
D = Large white Bull Dragonfly candle stops cold at R2. Per our
rules, move profit-locking stop under the low of the candle.
E = Large white candle (sort of) through the R2. Move profit-locking
stop under the R2/Maximum Profit Giveback level.
F = DVS (middle chart) spikes north, reverses and turns red. That's
our old friend higher-high-turns-red. Exit Now!
(Too bad though cause the run had several more safe points to travel.
Sigh! Better safe than sorry!) +/- 8.25 points
. . . [SNIP] . . .
PERSPECTIVE
(Daily, bottom right chart)
At first glance it appears that we just exited the LT Sideways Channel
that had formed
while I was offline. A closer examination shows that a new LT Channel
(lavender channel
lines) has formed between 1350 and 1320 instead.
We'll be watching these levels tomorrow.
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/PivotMagic021208.gif
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