BS"D

Good morning,
[SNIP]

Now, about yesterday: YUK!

A large-range, but untradable day. Only good thing about Thursday
was that the tape clearly demonstrated that things really do happen
at our topographical Pivot Point Levels!

TGIF!!!

******************************
DAILY PIVOT MAGIC TRADING JOURNAL - EXCERPT

******************************

E-mini
Thursday October 01, 2009

Day session opens gap-down, and Price Action continues south to test the S1 Support.

1 = A 123 "S" Signal blasts through the S1. The high Volume (turns out to be a huge DVS, pink arrow) permits
aggressive entry. Initial stop advances above the S1, but by candle's end Price Action has penetrated the Low
as well. Move the stop above the Low, for instant, locked in profits. Nice start!

A = Large red candle, as Price Action plunges to the 50% Fibonacci Retracement level (Daily, bottom chart, red
dashed line, approximate). Our position is now in violation of Pivot Magic Trading Maximum Profit Giveback
(MPG) rules. Mental stop at Giveback level.

Twin Towers Volume pattern indicates that a stall/sag is coming.

Next candle tapes a Reversal Signal. If you called it >2 points, or even >62% of = A, you exited.
+/-5.75 points

B = If not, the Black Volume Bar of Death put us on our toes, and first sign of white is an Exit Now!
+/- 5.25 points

After an hour-long stall, Price Action crosses below the red dashed line and continues south to encounter hard
S2 Support.

Volume dies, and lunchtime sideways drift slides atop the S2 for the duration.

2 = It is 1:00. Sometimes lunchtime ends now, so this 123 Continuation is a possible. Volume (pink arrow) has
increased slightly, but not really enough to entice us in before 1:30.

C = It is interesting that the two smallest, weakest, candles in this mini-move were both driven by the most
exertive (DVS) Volume (pink arrows). Pretty dull day when that's a high point! LOL!

Lunchtime resumes with multiple failed tests of S2 Support-turned-Resistance. Nothing to trade though.

EOD Hiccup (plum lines) tapes the classic "V" check mark shaped pattern, and plunges to test the S3.

PERSPECTIVE
(Daily, bottom chart)

As we anticipated, the bears were definitely growling Thursday, as a large
red day candle successfully assaulted the Fibonacci 50% Retracement level
(red dashed line). In fact, Price Action almost achieved the 62% Fibonacci
Reversal level as well (red dashed line).

Looks like Friday may first test the Fib. 62% before taking a breath.
Friday will almost certainly be full of traps, so BEWARE!

REMEMBER: Trade the Tape, Not my Prognostics!

Asher
=] ;-)>

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

Thursday's PMT Chart: