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Posted by Asher on December 13, 2007, 8:44 am
BS"D
Learn to Read the Tape
and Exploit Pit Pivot Points
KISS Daytrading Course
******************************
PIVOT MAGIC JOURNAL - EXCERPT
Good morning,
Very wide spacing between PLs, and overly large ABS kept us out
for a large portion of the long run down to the 50% Retracement
Support. On the other hand, large ABS makes even brief trades
rather profitable!
Be well,
=] ;-)>
******************************
BS"D
Pivot Magic Trading
First rule:
"...Any time you don't know what is happening, get out!"
******************************
E-mini
Wednesday December 12, 2007
. . . [SNIP} . . .
3 = Double portion Doji Sandwich at the Pivot.
G = Getting pulled in on a large red Marubozu permits us to advance
initial stop
above the Pivot, for controlled initial At Risk.
H = Got a mite nervous when Price Action stalled once again at the
MidW, but this
large red candle effected a TTT, and we scoot the profit-locking stop
down to just
above the MidW.
J = DVS (middle chart) generates a giant red candle through the MidM.
PMT stop
rules tell us to move the profit-locking stop above MidM, locking in a
very nice
profit.
K = Price Action pauses for a 123 continuation test of the 50%
Retracement level
(Daily, bottom right chart, red line), and the DVS (middle chart)
explodes a giant
red candle through the red line and Close.
Even with a stop above the Close, the position is in violation of PMT
Maximum
Profit Giveback principles. Mental stop at Giveback level (swollen
ABS today, so
use 3.0 - 3.5 points).
L = Makes no difference where the mental stop sits, as the tape
displays our old
"lower-low spike turns white" friend. DVS no less. We exit
immediately expecting
a retest of the 50% Support-turned-Resistance. +/- 23.75 points
NICE!
PERSPECTIVE
(Daily, bottom right chart)
Monster white inverted (Bear) Dragonfly candle fails at the
50% Retracement Support (red line).
Thursday is anybody's guess, but the two old unfilled gaps
below still exert a massive pull!
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/PivotMagic121207.gif
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