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Posted by Asher on December 19, 2007, 10:10 am
BS"D
Learn to Read the Tape
and Exploit Pit Pivot Points
KISS Daytrading Course
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PIVOT MAGIC JOURNAL - EXCERPT
Good morning,
Scored quite a few points Tuesday, but had to suffer
some abortive efforts to do so.
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 December 18, 2007
. . . [SNIP] . . .
6 = In rage of the S1, "P" 2-bar Reversal signal.
Nice white Bull Dragonfly on the higher time frame tape
(10-Minute, bottom left chart).
Volume comes to life as the move proves, pulling us in
with our stop rules giving permission to advance the
initial stop under the MA, for almost no initial At Risk.
G = Mounting Volume generates a giant white candle through
the 62% Retracement and Close. Stop moved under the Close,
per our normal stop placement rules, still leaves the
position in violation of the Piviot Magic Trading Maximum
Profit Giveback rules. The violation resulted from a single
large candle, so use a mental stop at Giveback level.
H = DVS (middle chart) drives Price Action for a final
stretch to tap on the Pivot. Again, this violates our Maximum
Profit Giveback rules. Mental stop at Giveback. Next candle
(hard to see on this chart) is our old friend
"higher-high-turns-red", as the Resistance at the Pivot exerts.
Exit Now! +/- 9.50 points
. . . [SNIP] . . .
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PERSPECTIVE
(Daily, bottom right chart)
Not much to add to what the tape clearly shows.
Price Action has spiked through the 62% Retracement
taping a large white Bull Dragonfly day candle.
Guessing a 50% Retest on Wednesday/Thursday.
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/PivotMagic121807.gif
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