Trading Pivot Points - Big Bite! Yum! *PIC*


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Trading Pivot Points - Big Bite! Yum! *PIC*

Posted By: Asher
Date: Wednesday, 7 May 2008, at 10:08 a.m.

BS"D
Exploit Pit Pivot Points
Daytrading Course
Learn to Read the Tape
******************************
PIVOT MAGIC JOURNAL - EXCERPT
E-mini
Tuesday May 06, 2008
1 = Session opens gap-down with a questionable (Overnight, bottom left chart) Anomaly Doji Sandwich off the S2. Volume is very strong (pink arrow),
and, since the bounce is north off the S2 Extreme, even though proceeding trend is "ify", this is a high probability entry.
A = Large white candle/failed test of MA. Per PMT stop rules, move profit-locking stop under the MA.
B = Another large white candle/failed test of MA. Per PMT stop rules, move profit-locking stop under the MA.
C = Second chance "S", 2-candle 123 of the S1 for those who hesitated at = 1. Those already holding a position, add contracts. Large white candle
through the Low. Move profit-locking stop under the Low.
D = Second healthy white candle closes above the MidW. Per our stop rules, move the profit-locking stop under the MidW.
Brief, early-lunchtime sideways drift ensues, but our stop holds.
E = Large white Marubozu (full-bodied candle without wicks)/failed test of MA slams through the HighM. Move the profit-locking stop under the HighM.
2 = Although we would hesitate to enter a 2-candle 123 of the Close, this is a great opportunity to add contracts, as soon as the DVS-driven (pink arrow)
candle, = F, exits the "green fog" Ambush Zone). Since the large white candle crossed well above the Pivot, our rules advise to move the profit-locking
stop under the Pivot.
G = Small gap and large white candle. Personal habit is to move the stop into the gap.
Black DVS Volume Bar of Death (pink arrow) and Doji spike (blue arrow). We prepare to exit.
H = Wow! Got a reprieve as the Bulls recovered strongly with a large white candle. Move the profit-locking stop under the low of the candle.
J = Failed test of MA. Per our stop rules, move the profit-locking stop up, under the MA.
K = Sudden huge DVS (pink arrow) drives a large white candle through the R1. This could be a sign of failing Momentum, especially with an elongated top
wick. Doji follows, further emphasizing the likely end of Momentum.
Possibitlity 1:
When the next candle shows red, Exit Now!
Possibility 2:
With stop securely nearby, and the next objective, R2 far away, wait and see, let profits ride.
Results turn out to me the same, as a large white candle crosses the High, = L, and we advance the profit-locking stop
under the High, only to be taken out at the stop a couple of candles later. +/- 14.75 points (or 10.50 points if you entered at = C)
[SNIP]
PERSPECTIVE
(Daily, bottom right chart)
Called it again! Two days in a row!
In yesterday's PERSPECTIVE we observed:
" . . . High likelihood Tuesday of another retest [of Historical S/R, solid green line],
followed by a valiant stab at the Historical S/R (dashed green line) . . ."
Whadya think? Will the valiant stab come Wednesday, or will it be on Thursday? LOL!
REMEMBER: Trade the Tape, Not my Prognostics!
Asher
=] ;-)>
Tuesday's PMT Chart:

Pivot Magic Trading Course

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