BS"D

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

Good morning,

Market was flat for 2 hours, dove for one long run down (50% retracement), and
then turned sideways to EOD. We took a nice bite out of the run down (with
several PMT-acceptable entry possibilities).

Guessing Wednesday may be a mirror of Tuesday, flat, climb, flat.

But ya never know!

Enjoy and be well,

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Pivot Magic Trading
First rule:
"Any time you don't know what is happening, get out!"
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E-mini
Tuesday June 16, 2009

Morning session opens slightly gap-up at the reinforced Pivot (LT Trend Channel Floor, green line). There, the
struggle continues till 11:30.

[SNIP]

3 = "P" Reversal off the MA, preceded by a minimal trend, is an acceptable PMT "S" entry Signal. Enter on the
2nd red candle.

B = Giant red candle puts our position in violation of Pivot Magic Trading Maximum Profit Giveback (MPG) rules.
Mental stop at Giveback level.

C = Large red candle through the Low. PMT stop placement rules say to move the profit-locking stop above the Low.

D = Volume is still raging (pink arrow). The tape displays a small gap and a large red candle tapping on the S1.
Our position is in MPG violation. This is a good opportunity to apply my convention and to place a stop in the g
ap (mental for quick exit potential).

E = Large red candle through the S1. Per our stop rules, move the profit-locking stop above the S1.

NOTE: This candle completes a 2-candle 123 continuation "S" Signal.

* Not holding a position: Aggressive entry

* Holding a position: Great opportunity to add
contracts below the S1.

F = 123 continuation "S" Signal affords an opportunity to acquire a new position or to add more contracts. Inch
the profit-locking stop down above the high of the candle. The long bottom wick on this candle warns that Momentum
may be failing.

Price Action stalls, but does not threaten our stop.

G = Large red candle. Per our stop rules, move the profit-locking stop above the high of the candle. Again,
elongated bottom wick warns that Momentum is flagging, so use a mental stop.

Next candle retraces >62% of = G for a mid-air Reversal. That's a PMT Exit Now! +/- 7 points

[SNIP]

PERSPECTIVE
(Daily, bottom chart)

Price Action has exited the LT Trend Channel (green channel lines), and has retraced
approx. 50% (pink dotted line). At this point, the question remains:

Is this a pullback for a running start at a Bull charge
(as we predicted yesterday), or is this the start of
another collapse/Reversal (>62%, pink dashed line)?

REMEMBER: Trade the tape, not my prognosis!

Asher
=] ;-)>
Pivot Magic Trading Course
http://www.tradingthingys.com/PMTJ/Commodity%20Day%20Trading.html

Tuesday's PMT Chart: