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Commodity and Futures - Physical commodity and financial futures markets.
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Posted by Asher on May 15, 2008, 5:05 am
BS"D
Daytrading Course
Learn to Read the Tape
Exploit Pit Pivot Points
******************************
PIVOT MAGIC JOURNAL - EXCERPT
[SNIP]
E-mini
Wednesday May 14, 2008
1 = Morning session opens gap-up with an Anomaly Signal off the R1.
Volume is massive (pink arrow). Use Aggressive Entry technique at
around 1412.
No rule here, but I'd feel safer (good ole risk-conservative me)
advancing the initial stop under 1411.
A = Large white candle. Per our Pivot Magic Trading stop rules, this
gives us an opportunity to move the stop to secure a bit of profit,
under the low of
the candle.
B = With S/R holding both at the MA below, and at the R2 above,
stretch it a bit and call this a large white candle. Move profit-
locking stop under the
low of the candle per our rules.
C = DVS (pink arrow) drives a large white candle through the
Resistance at R2. Per our stop rules, move the profit-locking stop
under the R2.
D = Two white candles with long top wicks imply failing Momentum. The
Black Volume Bar of Death confirms it. As soon as the next candle
shows red
we have a PMT Exit Now! situation. +/- 4.75 points
[SNIP]
4 = Red Bear Dragonfly "P" through the R2.
E = Personally, the pair of Dojis before the move's shaky takeoff
scared me off. In the end, if your ulcers could handle it, the move
did finally take off.
5 = Powerful 123 off the R3 for a nice "S" second chance entry.
F = Failed test of MA provides us an opportunity to move the profit-
locking stop almost to "free trade".
G = Black Volume Bar of Death (blue arrow). We prepare to exit, but
the Bears recovered powerfully with a large red candle (pink arrow).
Per our stop
rules, move the profit-locking stop above the high of the candle.
Support at R2 held briefly. Beginning PMTers Pivot Scalp exited at
the second hit on the R2. +/- 2.50 points
Experienced tape readers, however, noted the lack of Bull interest
exhibited in the next two candles and held tight, scoring considerably
more points.
ADVANCED, EXPERIENCED PMT TRADERS
G = DVS (pink arrow) drives a giant red candle through the R2. PMT
stop rules advise to move the profit-locking stop above R2.
J = Including the wicks, this is a large red candle. Move the profit-
locking stop above the high of the candle.
K = A gap and a DVS-driven large red candle. As I have mentioned
before, in such circumstances my personal style is to move the profit-
locking stop
into the gap.
L = Second DVS ( pink arrow) generates another giant red candle, this
time through the R1. It is EOD Hiccup Danger time and this smells of
Twin Towers.
Is a stall/sag/retest coming now? Per our stop rules, move the profit-
locking stop above the R1. Prepare to exit, i.e. have a Cancel-
Replace order ready
to fire off instantly.
The next candle dips just low enough to identify it as a Lower-Low-
Turns-White. That's one of our Classic Exit Now! signals. +/- 8.25
points
[SNIP]
PERSPECTIVE
(Daily, bottom right chart)
First off, notice that Tuesday's day candle is white on this tape
instead of red as it was on Tuesday. Huh?!?
Anyhow, even with the nice Bull spike, Wednesday was a dud, a breather
day. The Bulls couldn't sustain the
attack. It is now even more likely than before that the Bears will
get their turn next. Looking for the Bears
to at least test the solid green Historical S/R, if not the green
dotted line, on Thursday. (I lost the pixel war
today. Please excuse the sloppy placement of the lines).
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/PivotMagic051408.gif
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