Daytrading Pivot Points - TGIF Tricks *PIC*


The Commodity Trading Forum is a presentation of		Free Commodity Chart Service

Trader's Forum

Advertising Info.

[ Post Response ] [ Return to Index ] [ Read Prev Msg ] [ Read Next Msg ]

Commodity Trading Discussion Forum

Daytrading Pivot Points - TGIF Tricks *PIC*

Posted By: Asher
Date: Monday, 5 May 2008, at 7:36 a.m.

BS"D
Daytrading Course
Learn to Read the Tape
Exploit Pit Pivot Points
******************************
PIVOT MAGIC JOURNAL - EXCERPT
Good morning and a good week,
As usual, Friday was a rough trading day with lots of traps. Squeaked out a few
brief trades before we shut down early for a "long" weekend. LOL!
Be well,
=] ;-)>
******************************
BS"D
Pivot Magic Trading
First rule:
"Any time you don't know what is happening, get out!"
******************************
E-mini
Friday May 02, 2008
Friday morning opens gap-up above the R1, trades back through, but reverses mid-air for an R1 retest.
1 = Reversal time, and that's just what the Price Action does! Tape displayed a pair of white Bear Dragonflies as Price Action skids to a stop give
way to a lovely J-hook "P".
A = Entry on a large red inverted (Bull) Dragonfly through/below the R1 permits us to advance the initial stop above the R1.
B = DVS (pink arrow) generates a giant red candle, which puts our position in violation of the Pivot Magic Trading Maximum Profit Giveback rules.
Mental stop at Giveback level. Is this exhausted Momentum so soon?
NOTE: The ABS today is already quite bloated. Consider expanding the Giveback to 2.5-3.0, and even
consider increasing our stop placement spacing a bit.
C = Large red inverted (Bull) Dragonfly. Yet another indication of pending exhaustion. Per our stop rules, move the profit-locking stop above the
high of the candle.
A 10:30 mid-air 123, and the Bears continue south.
D = Large red candle puts our position in Maximum Profit violation. Mental stop at Giveback level.
Black Volume Bar of Death (pink arrow). Get ready to exit. Next candle is a Lower-Low-Turns-White. Following the Black Bar of Death, the instant
this candle shows white we recognize one of our PMT Exit Now! signals. +/- 5 points
Price Action now turns sideways, as the BBs go out to drink TGIF lunch.
[SNIP]
Afternoon Price Action drifts slowly back up toward the Close, telling us to shut down and get an early start on the weekend. At least we got that!
PERSPECTIVE
(Daily, bottom chart)
Bull Price Action did advance a bit with a small inverted (Bear) Dragonfly day candle. This might be only
a breather following Thursday's massive Bull assault, but with that long top wick, we have to be ready for
a retest of the Historical S/R (green line) on Monday.
REMEMBER: Trade the Tape, Not my Prognostics!
Asher
=] ;-)>
Friday's PMT Chart:

Pivot Magic Trading Course

If you want to print this message, you might have better results, and waste less paper if you print this printer friendly page.

Post Response

Your Name:
E-Mail Address:
Subject:
Message:
If you'd like to include a link to another page with your message, please provide both the URL address and the title of the page:
Optional Link URL:
Optional Link Title:
If you'd like to have the option of deleting your post later, please provide a password (CASE SENSITIVE!):
Password:
Save Password:	Yes No

[ Post Response ] [ Return to Index ] [ Read Prev Msg ] [ Read Next Msg ]

Commodity Trading Discussion Forum is maintained by Mike Ritchie with WebBBS 5.00.

To report abuse of this Forum, please send email to: admin1@tradingcharts.com