Daytrading Course
Learn to Read the Tape
Exploit Pit Pivot Points
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PIVOT MAGIC JOURNAL - EXCERPT

Pivot Magic Trading
First rule:
"...Any time you don't know what is happening, get out!"
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E-mini
Monday April 07, 2008

. . . [SNIP] . . .

NOTE: The avid tape reader, however, will note:

* Bull DVS (middle chart) only netted a very small Bull advance in Price.

* DVS-based reversals (especially mid-air) traditionally are not got good prospects for longevity.

* Stop is very nearby, protecting profits.

Advanced, experienced tape readers may have held on.

G = If you held on, a large red candle/failed test of MA puts the position in violation of PMT Maximum Profit Giveback rules. Mental stop at Giveback level.

H = Large red inverted (Bull) candle spikes to tap on the Pivot. Pivot Scalp exit as soon as Price Action crosses back above the Pivot was the ideal
maneuver. Probably missed it, although the warning signs were all there.

J = If you counted on the still strong Volume (middle chart) to carry Price Action lower (Pivot Scalp converts to PMT Scalp), you moved your stop above
the Pivot as this large red candle crosses the Pivot and slams to a stop against the Close. Don't like hanging out in the "green fog" Danger Zone one bit!

Next candle is a Lower-Low-Turns-White, Exit Now! It is rather unlikely that you had time for a Cancel-Replace and thus got taken out at your stop.
+/- 7.25 points

EOD closes with Price Action back cowering in the "green fog".

. . . [SNIP] . . .

PERSPECTIVE
(Daily, bottom right chart)

Price Action AGAIN taped a Doji day candle breather.

Recall the basic rule of climbing:
If you don't continue to go up,
you will start to go down.

Still expecting a vigorous testing/crossing of the Historical S/R (green line)!

REMEMBER: Trade the Tape, Not my Prognostics!

Asher
=] ;-)>
Pivot Magic Trading Course
http://www.TradingThingys.com

Monday's PMT Chart: