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Posted by Ivant on May 16, 2008, 9:40 am
> BS"D
>
> Daytrading Course
> Learn to Read the Tape
> Exploit Pit Pivot Points
> ******************************
>
> PIVOT MAGIC JOURNAL - EXCERPT
>
> Good morning,
>
> Well, definitely called that wrong. =A0(Blush!) =A0Somewhat surprisingly,
> there was no real Bear response
> to two days in a row of rather weak Bull efforts. =A0The Bulls, on the
> other hand, clearly ruled on Thursday.
>
> TGIF!!!
>
> Be well,
>
> =3D] ;-)>
> ******************************
>
> Pivot Magic Trading
> First rule:
> "Any time you don't know what is happening, get out!"
> ******************************
>
> E-mini
> Thursday May 15, 2008
>
> 1 =3D Thursday opens at the Close with an Anomaly signal (Overnight,
> bottom left chart). =A0Although the white Bull Dragonfly kickoff might
> have satisfied
> our "pair of self-confirming signals" requirement for entry off the
> Close, the Price Window to the (always considered proven) Pivot was
> way too small
> for even a PMT/Pivot Scalp entry.
>
> 2 =3D Same goes for this large 2-bar/DT Double bottom bounce off the
> Close.
>
> 3 =3D J-hook is behind the Pivot, leaving enough Price Window for a
> Pivot Scalp to the Close.
>
> A =3D Pulled in immediately under the Pivot on a large red candle.
> Initial stop should be advanced above the Pivot for reduced Undefended
> At Risk.
>
> B =3D Pivot retest and a failed test of the MA. =A0Per our stop rules,
> inch the profit-locking stop down a bit, above the MA.
>
> C =3D Momentum skids to a stop with an inverted (Bull) red Dragonfly.
> This candle puts our position in violation of the Pivot Magic Trading
> Maximum Profit
> Giveback rules. =A0With not even a creative excuse to advance our stop,
> the instant the next candle shows white, Exit Now! =A0Scratch!!! +/-
> 1.25 points
>
> 4 =3D Reversal signal completes on the third candle, but it is out of
> range of the Pivot. =A0Too bad, because Volume confirms. =A0(Wonder why
> the BBs are not
> going to lunch yet.) =A0We wait.
>
> Oddly late lunchtime drift, and sketchy Volume drag on interminably,
> struggling with Resistance at the R1.
>
> 5 =3D What at first appears to be just another false attempt at the R1
> proves three candles later (within our criterion), =3D D.
>
> D =3D DVS (pink arrow) generates a large white candle pulling us in.
> Initial stop advanced under the MA.
>
> E =3D Failed test of MA. =A0Per PMT stop rules, move profit-locking stop
> up the extra tik (every little bit. . . ). =A0BTW, this is a 123, so
> take the opportunity to
> add contracts.
>
> Price Action turns sideways. =A0As EOD Hiccup Danger Time approaches,
> consider applying the PMT Scalp 3-5 stop rule and moving the profit-
> locking stop
> to "free trade" (good ole risk-conservative me!)
>
> F =3D Finally! =A0DVS (pink arrow) generates a failed test of MA, and the
> Bulls resume the charge. =A0Wary of EOD Hiccup, briskly move the profit-
> locking stop
> under the MA.
>
> G =3D Breakaway gap and massive DVS (pink arrow) drives a giant white
> candle through the High. =A0Note that even if we move the profit-locking
> stop under
> the High, per our general stop rules, the position will still be in
> violation of the Pivot Magic Trading Maximum Profit Giveback rules.
> Mental stop at Giveback.
>
> Still in EOD Hiccup Zone so be prepared for any sudden swings.
>
> H =3D Healthy, but normal-sized, white candle through the HighW puts the
> position back in Maximum Profit Giveback violation:
>
> * With no excuse to advance the profit-locking stop (maybe could
> stretch it and put it under the HighW) our rules say to exit.
>
> * Add to that the fact that we are exactly at the second line of EOD
> Hiccup Time.
>
> * Next candle is a Higher-High-Turns-Red. =A0Classic Exit Now!
>
> Surely by the time that next candle shows red you exited with
> alacrity!!! =A0 +/- 6.50 points
>
> PERSPECTIVE
> (Daily, bottom right chart)
>
> It's difficult to position the dashed green line (Daily, Historical S/
> R) exactly, but Thursday closes mighty close
> to that Resistance level. =A0Surely on Friday we will witness, at a
> minimum, a violent stab at/through that objective!
>
> As always, beware of traps on Friday!
>
> REMEMBER: =A0Trade the Tape, Not my Prognostics!
>
> Asher
> =3D] ;-)>
> Pivot Magic Trading Coursehttp://www.TradingThingys.com
>
> Thursday's PMT Chart:
> Http://www.TradingThingys.com/PMTJ/PivotMagic051508.gif
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