BS"D
Daytrading Course
Learn to Read the Tape
Exploit Pit Pivot Points
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PIVOT MAGIC JOURNAL - EXCERPT
Good morning,
[SNIP]
Well, at least we sure predicted Thursday Price Action correctly:
". . . Thursday proposes to be a day full of swings and frustration,
so be just
a bit stricter about following the letter of the law, PMT rules. . ."
Swings and Frustration pretty well sums up Thursday's day in the
market.
TGIF!!!
Be well,
=] ;-)>
******************************
BS"D
Pivot Magic Trading
First rule:
"Any time you don't know what is happening, get out!"
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E-mini
Thursday May 08, 2008
[SNIP]
Starting to get the picture?
C = Here we have some strong exhaustion, pre-reversal, signals as
Price Action stretches to test the Pivot:
* Series of gaps
* DVS desperately crosses the green line, stretching and tapping on
the Pivot,
and pulling back with a long top wick
* Another exhaustion gap preceeds a large spinning top.
When the signal, = 3, finally tapes clearly we are alerted and set to
enter aggressively.
D = Large red candle through the green S/R line. Per our PMT stop
rules, move the profit-locking stop above the green line.
E = Large red candle/failed test of MA puts our position in Pivot
Magic Trading Maximum Profit Giveback rule violation.
Mental stop at Giveback level.
F = Close, but the MA held, and so did our stop. Giant red candle
slams into the Close. Once again our position is in Maximum
Profit Giveback violation. Mental stop at Giveback level.
G = Really hate hovering in the "green fog". Group of nasty, somewhat
Bullish, stalls, as Support at the Close holds. Exit Now!
+/- 5.25 points
[SNIP]
REMEMBER: Trade the Tape, Not my Prognostics!
Asher
=] ;-)>
Pivot Magic Trading Course
http://www.TradingThingys.com
Thursday's PMT Chart:
Http://www.TradingThingys.com/PMTJ/PivotMagic050808.gif
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