|
Commodity and Futures - Physical commodity and financial futures markets.
|
|
|
|
|
Posted by Asher on September 5, 2008, 9:56 am
BS"D
Daytrading Course
Learn to Read the Tape
Exploit Pit Pivot Points
******************************
PIVOT MAGIC TRADING JOURNAL - EXCERPT
In yesterday's Daily Pivot Magic Trading Journal, PERSPECTIVE:
section, we noted:
". . . Thursday could go either way, but following a failed TTT of the
Channel ceiling,
a TTT Corollary attempt at the LT SW Channel floor seems very likely."
A bit of an understatement, but technically a correct call. Fishing
was great! Read on.
TGIF!!!
******************************
E-mini
Thursday Sept 04, 2008
Morning session opens gap-down below S1, taping a protracted battle to
re-enter the LT SW Channel floor (dotted aqua line/first layer of
floor).
1 = Failed test of S1/dotted aqua line. Need to count the Dojis to
get a preceding trend, but this is a 2-bar off the S1/dotted aqua
line. Price Window
to the extreme LT SW Channel floor line (solid aqua line) is open
enough for a PMT entry.
A = Entry on a large candle through the Low. Initial stop advances
above the high of the candle.
NOTE A: Even the small candles today are 2-pointers. With bloated
ABS, in order to avoid getting
stopped out at every Price adjustment, consider expanding the stop
placement and Maximum
Profit Giveback spacings.
B = DVS (pink arrow) drives a huge red candle through the LowW/extreme
aqua line. Per PMT stop rules, move the profit-locking stop above the
LowW.
2 = Large red candle, the second healthy red candle to close below the
S2. Per our stop rules, move the profit-locking stop above the S2.
This 2-candle 123 continuation is an "S" signal, second chance to
enter the ongoing move. For those already in the position, add
contracts.
C = Volume surge continues, generating a large red candle. Move the
profit-locking stop above the high of the candle.
D = Volume still strong. Large, red, Bear Dragonfly candle. Move the
profit-locking stop above the high of the candle.
E = Finally, following a bit of a sideways trading, attempts to cross
the S3, Price Action tapes a failed test of the MA. Per our stop
rules, move the
profit-locking stop above the MA. Exhale! (no rule for that!)
F = DVS (pink arrow) squirts the Price Action through the S3. Per our
rules, move the profit-locking stop above the S3.
NOTE B: Stop spacing is expanded:
* Large ABS
* Don't want to get stopped out during lunchtime drift.
NOTE C: This final Volume burst immediately before lunchtime lull is
a Bear TELL for later.
The Bears want to continue south after luchtime sideways drift.
G = Small white candle is a failed test of MA. Inch profit-locking
stop down 0.50 point, above the MA.
A Volume surge (pink arrow) becomes our second Bear TELL. Meanwhile,
the large red candle is an invitation to move the profit-locking stop
down a
bit more, above he high of the candle.
The Bear Volume tapes a Twin Towers, warning that a stall/sag/retest
is coming next.
Volume dies, so the tape reads "sideways trading" rather than the
feared S3 retest.
H = Second healthy red candle closes below the LowM. Per PMT stop
rules, move the profit-locking stop above the LowM.
J = DVS (pink arrow) drives a large red candle. Per the rules, move
the profit-locking stop above the high of the candle.
Black Volume Bar of Death/Doji (blue arrows).
All but the most experienced PMTers promptly exit the instant the next
candle shows white. +/- 21.75 points
[SNIP}
Trading instead turns sideways. After only one or two candles it is
apparent that there will be no rapid run up before 3:00.
Shut off the monitor early and go find someone in need of help or a
kindness. Definitely something more worthwhile than
staring at the tube and chuntering in your beard!
PERSPECTIVE
(Daily, bottom chart)
What's there to say? The tape speaks for itself. Huge-ranged, red
day candle blasted through the LT SW Channel floor area
(aqua lines) with ease, and continued to trade all the way down,
(roughly) to an old Historical S/R (double aqua line that
graced our charts back near the end of July).
Were today any day but Friday, following such a monster candle, with
some certainty we'd anticipate a breather day.
But, alas, today IS Friday. BE PREPARED FOR ANYTHING AND WATCH OUT
FOR TRAPS!
REMEMBER: Trade the tape, not my prognosis!
Asher
=] ;-)>
Pivot Magic Trading Course
http://www.tradingthingys.com/PMTJ/Commodity%20Day%20Trading.html
Thursday's PMT Chart:
Http://www.TradingThingys.com/PMTJ/PivotMagic090408.gif
|
| Similar Threads | Posted | | Breather Days (3) - Daytrading Pivot Points | July 28, 2006, 10:24 am |
| Pivot Point Daytrading - Nice range-day trade | May 1, 2007, 8:49 am |
| Pivot Point Daytrading - Nice Range-day Trade! | May 31, 2007, 8:52 am |
| Trading Pivot Points - Large Range Big Bites - PIC | June 6, 2008, 10:45 am |
| Daytrading Pivot Points - It's TA for Me | June 30, 2006, 8:43 am |
| Daytrading Pivot Points - The "TELL" | November 15, 2006, 9:47 am |
| Daytrading Pivot Points - Going Down?!? - PIC | March 27, 2008, 8:49 am |
| Daytrading Pivot Points - What Just Happened? - PIC | February 26, 2008, 9:31 am |
| Daytrading Pivot Points - Anomalies - PIC | March 17, 2008, 11:05 am |
| Daytrading Pivot Points - Big Bites - PIC | February 1, 2008, 9:24 am |
|
|
|
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap