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Posted by Asher on February 21, 2008, 8:56 am
BS"D
Daytrading Course
Learn to Read the Tape
Exploit Pit Pivot Points
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PIVOT MAGIC JOURNAL - EXCERPT
Good morning,
First day back in the saddle wasn't much of a ride!
Price Action TTT struggles at the S1, and then again at the Pivot.
The net action, however, put things right back at the previous day's
Close.
Will Thursday be the big breakout we've been waiting for?
Stay tuned!!!
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
Wednesday February 20, 2008
. . . [SNIP] . . .
D = Notice all this Bull Volume activity (middle chart, blue arrows).
Although Price Action was stopped at the Close/Pivot
(in anticipation of the FOMC?), it also constitutes a very clear
TELL. Later today, after the FOMC hysteria calms, expect a
Bull charge at the Pivot.
E = One wicked candle and Volume spike (middle chart) in response to
the FOMC minutes. That's it, and things promptly
calm down for the TTT Pivot assault.
5 = Notice that a full sized Double bottom formation has taped at the
Pivot (oval). When the Price Action breaks higher than
the middle peak we have a permissible entry, above the Pivot with
initial stop under the Pivot. When the dust settles, note
the sudden DVS behind the burst. Not a good "long-term" sign. In
fact, the position is already in violation of Profit Giveback
rules, so make that a mental stop at Giveback.
F = Black Volume Bar of Death/Two-colored Twin Towers (middle chart -
This pair of PMT Volume symptoms are the most
important tape reading lesson of the day. Memorize them and learn to
spot them both.)
The brief move has already exhausted! Exit Now! 3.25 points
G = Felt greedy? Well let's hope that this inverted (Bear) white
Dragonfly finally warned you out.
NOTE: Remember when a 25-point trading range was a huge day? This is
great for daytraders,
but not a very healthy sign for the economy!
PERSPECTIVE
(Daily, bottom chart)
Once again, not much to say really. Price Action still seems to be
well supported by the Historical S/R
(green line), but not yet decisively so. Much to my amazement, we
still haven't had a super-range
day in a while. Expect one soon.
REMEMBER: Trade the Tape, Not my Prognostics!
Asher
=] ;-)>
Pivot Magic Trading Course
http://www.TradingThingys.com
Wednesday's PMT Chart:
Http://www.TradingThingys.com/PMTJ/PivotMagic022008.gif
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