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Finance & Stock Groups Forum Index » Futures » Pivot Point Daytrading - Bit and Got Bitten
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| Author |
Message |
| Asher |
 Posted: Tue Nov 11, 2008 2:02 pm |
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Guest
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BS"D
Daytrading Course
Learn to Read the Tape
Exploit Pit Pivot Points
******************************
PIVOT MAGIC TRADING JOURNAL - EXCERPT
Good morning,
Nasty day Monday. Bit a few and got bitten by a few!
The market is hovering at a potentially significant precipice.
Therefore, a red flag warning is in effect.
[SNIP]
Pivot Magic Trading
First rule:
"Any time you don't know what is happening, get out!"
******************************
E-mini
Monday Nov 10, 2008
[SNIP]
2 = Price Action stretches to mildly tap on the Close, but MA
Resistance holds. The bounce is very tight to the fog, leaving, per
our criterion,
a decent Price Window to the Pivot.
A = Entry as Price Action crosses below the MA.
B = DVS (pink arrow) generates a giant red candle to the Pivot,
putting our position in violation of MPG rules. Mental stop at
Giveback level.
C = Second, even larger, DVS (pink arrow) pumps Price Action through
the Pivot. Lots to consider now, very rapidly:
* MPG Giveback level is below the Pivot, so initially we assume a
mental stop.
* Pivot retest is always a serious danger after a crossing, and the
Twin Towers Volume pattern
just warned of an imminent stall/sag/retest. This means, odds on that
our stop will get hit.
Once the second candle shows white too, Exit Now! +/- 8.25 points
[SNIP]
PERSPECTIVE
(Daily, bottom chart)
Monday's day candle stretched north to tap on the light blue S/R line,
and south to tap on the light blue
dashed line (LT SW Channel floor). For all that swing, Price Action
actually merely continued traveling
sideways inside the LT SW Channel.
REMEMBER: Trade the tape, not my prognosis!
Asher
=]  >
Pivot Magic Trading Course
http://www.tradingthingys.com/PMTJ/Commodity%20Day%20Trading.html
Monday's PMT Chart:
Http://www.TradingThingys.com/PMTJ/PivotMagic111008.gif |
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