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Posted by Asher on July 15, 2008, 9:50 am
BS"D
Daytrading Course
Learn to Read the Tape
Exploit Pit Pivot Points
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PIVOT MAGIC JOURNAL - EXCERPT
E-mini
Monday July 14, 2008
PERSPECTIVE
[SNIP]
As Price Action continues to plunge, recession has set in. That
discussion is pretty much closed.
In case you are chanting, "Market Crash!" or "The Sky is Falling!",
for some perspective step please
back and examine this long term chart. Since July trading has not
concluded, I manually added the
Price Action for the month to date (red bar).
Notice that the current recession has fallen by almost 50% of the
preceding long-term trend. That is
still called a Retracement.
If, however, Price Action drops below 1100 or so (62% - Fibonacci
level), that will make it a Reversal.
Liquidate your holdings and pull your money out of the banks! LOL!
REMEMBER: Trade the Tape, Not my Prognostics!
Asher
=] ;-)>
Pivot Magic Trading Course
http://www.tradingthingys.com/PMTJ/Commodity%20Day%20Trading.html
The Chart:
Http://www.TradingThingys.com/PMTJ/063008LongTerm.gif
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