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Commodity and Futures - Physical commodity and financial futures markets.
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Posted by Asher on July 3, 2008, 10:32 am
BS"D
Daytrading Course
Learn to Read the Tape
Exploit Pit Pivot Points
******************************
PIVOT MAGIC JOURNAL - EXCERPT
Good morning,
Thursday the market closes early. Generally, we don't trade 1/2
days.
Also, since we obviously won't have any preceding day's data from
which to calculate PLs, we will not be trading Monday. First PMT
trading
day is Tuesday, so the next class is Wednesday.
My daughter is getting married Wednesday night and my son graduates
on Thursday (a 5-hour drive away), so things may get screwed up with
the PMTJournal.
Have a happy 4th!
******************************
E-mini
Wednesday July 02, 2008
[SNIP]
3 = Self-confirming DT Multi-top off the Close. Price Window to the
proven Pivot is wide open. Aggressive entry technique is appropriate
here.
D = Large red candle/failed test of MA. Per our stop rules, move the
profit-locking stop above the MA. And we're in the money.
E = Giant red candle noses through the Pivot and violates the Maximum
Profit Giveback rules. Mental stop at Giveback level.
4 = Price Action does a 123 continuation test of support at the Pivot,
and successfully pulls off a Third Time Through (TTT). This is an
entry for
latecomers, and a great opportunity to add contracts and move the
profit-locking stop above the Pivot for those who got in at = 3.
A second 123, which tests the Support-Turned-Resistance at the Pivot
(blue arrow) is both another entry point and another add contracts
point).
F = Large red breakaway candle violates the Maximum Profit Giveback
rules for those in from = 3. Mental stop at Giveback level.
Price Action wobbles, and for the second time the tape shows us an
encouraging sign. The small white candles tell us that the Bulls
aren't even
close to holding back the tide at either juncture. Bears rule this
afternoon!
G = Giant red candle through the Mid. Move the profit-locking stop
above the Mid.
H = [SNIP] . . . this failed test of MA encourages us to move the
profit-locking stop above the MA.
J = DVS (pink arrow) drives a large red candle through the S1.
Anticipating an EOD Hiccup reversal, per our stop rules, move the
profit-locking
stop above the S1.
K = Bad sign. DVS Black Volume Bar of Death (pink arrow). Noticing
that the Doji actually spikes south doesn't make us feel much safer
since we
are trading in the EOD Hiccup Danger Time Zone.
L = The Bears recovering on the next candle does! Move the profit-
locking stop above the high of the red inverted (Bull) Dragonfly (also
not a
very encouraging sign). Is Momentum finally failing? Prepare to
exit.
M = Yes! Bear Volume is building, and the tape displays a large red
candle, which marginally puts us in violation of Maximum Profit
Giveback.
Mental stop at Giveback level. Stay sharp.
Volume increases even more, but only generates a relatively small
spinning top. Get ready to send you exit order.
N = Hello! DVS (pink arrow) generates a large Bull Dragonfly. Per
our stop rules, move the profit-locking stop above the high of the
candle.
Volume drops a bit, taping a small spinning top. Not to worry, we
always exit one bar before the EOD anyhow, so when the next candle
shows
white, Exit Now! +/- 22 points
Was that worth waiting for or what?!?!
PERSPECTIVE
(Daily, bottom chart)
Did I say, "Bull assault" in yesterday's PERSPECTIVE? Well, I was
right about the BBs chancing
"a wild incursion because they would not having anything to lose",
just got the direction wrong.
LOL! That's the good thing about daytrading, no matter the direction,
we just need some tradable
range.
Price Action is solidly intrenched in the area of the contract low
going into 4th of July holiday.
Have a nice relaxing break!
REMEMBER: Trade the Tape, Not my Prognostics!
Asher
=] ;-)>
Pivot Magic Trading Course
http://www.tradingthingys.com/PMTJ/Commodity%20Day%20Trading.html
Wednesday's PMT Chart:
Http://www.TradingThingys.com/PMTJ/PivotMagic070208.gif
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