BS"D

Good morning,

Although Price Action spent long hours trading sideways in the Close-Pivot channel, Monday was a Pivot Point confidence builder.
We only eked out a few points of profit, but the tape definitely re-affirmed our confidence in the PMT PL delimiters. In other words, the Pit Pivot Points distinctly defined the day's battlefront topography, stalls, reverses, and takeoffs.

Tuesday however, let's make some money!

Enjoy and be well,

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DAILY PIVOT MAGIC TRADING JOURNAL - EXCERPT
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E-mini
Monday September 14, 2009

Monday morning opens gap-down below the S1 on a pause from the overnight. Third candle (white) penetrates the S1,
but Price Action returns to test the S1 Resistance-turned-Support, taping a questionable 123 "S" Signal (= 1, blue
arrow). The move doesn't prove, so we a saved making the decision.

1 = One step higher, Price Action tapes a 123 Continuation "S" Signal above the S1.

A = DVS (pink arrow) propels a large white candle to the edge of the fog. We were pulled in on this candle, with
initial stop advancing under the low of the candle.

The elongated top wick is worrisome, as Price Action stalls. Thinking Pivot Scalp at the
(Historical-S/R-re-enforced) Pivot on follow-through Momentum from the closing of the opening gap.

B = Failed test of MA. Per our stop rules, move the profit-locking stop under the MA.

C = Large white candle to the Close. Per our stop rules, move the profit-locking stop under the low of the candle.
Use a mental stop in case Resistance at the Close holds.

D = DVS (pink arrow) surely expends Momentum. Some of us exited when the candle first showed red, but most of us
took the Pivot Scalp Exit as Price Action spiked through and retracted. +/- 3.50 points

Rather early, but Volume drops off, and lunchtime drift ensues, sideways between the Close and Pivot.

It is 1:30 Action Time, and the Bulls manage to push back the defenses to advance the struggle above the Pivot.

2 = Low-Volume 123 (See 10-Minute Line chart, bottom left) off the Pivot. Not interesting until:

E = DVS-driven (pink arrow) monster breakout candle almost catches us by surprise, pulling us in for a long run
almost to R1.

By the close of the candle, our new position is already in violation of Pivot Magic Trading Maximum Profit Giveback
(MPG) rules. Mental stop at Giveback level gives us an immediately profitable position. Prepare for possible Pivot
Scalp exit at R1.

F = Twin Towers (pink arrow) indicates a stall/sag/retrace next. Price Action spikes through the R1 and retracts.

Looks like our assumption was correct. We of course Pivot Scalp exit. +/- 2.75 points

Defenses at R1 hold back the assault for over an hour.

EOD Hiccup (plum lines) tapes the classic "V" check mark, crosses above the R1 and there Price Action settle for
the day's close.

PERSPECTIVE
(Daily, bottom right chart)

Don't be fooled by the large white Bull Dragonfly day candle:

* Virtually the entire candle is below the LT Thin Line Trend Channel Floor.

* The long tail of the candle droops well below the red line (Historical S/R).

Though this may turn into a Bull recovery, in the meantime, it is still only a stall, which may
equally well be the start of a longer stall, or even a Bear retracement.

REMEMBER: Trade the Tape, Not my Prognostics!

Asher
=] ;-)>

Pivot Point Daytrading Course
http://www.tradingthingys.com/PMTJ/Commodity%20Day%20Trading.html

Monday's PMT Chart: