BS"D

Good morning and a good week,

Friday the Price Action reacts exactly at the Pivot Points,
and we squeeze out some nice profits. Possible breather
coming on Monday though.

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DAILY
PIVOT MAGIC TRADING JOURNAL - EXCERPT
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E-mini ES H0
Friday January 22, 2009

[SNIP]

3 = A late afternoon 123 pf the S1. The MA Resistance still controls the upward Price Action.

G = DVS (pink arrow) and we are pulled in on a large, red, inverted (Bull) Dragonfly.

H = Large red candle. Normally, per PMT stop rules, we'd move the profit-locking stop above the
high of the candle, but this time that leaves the position in MPG violation. Mental stop at
Giveback level.

J = Large red candle, and again the position is in MPG violation. Mental stop at Giveback level.

K = We prepare to exit on a mid-air reversal, but are surprised as Bear Volume recovers strongly
driving a large red candle south. MPG violation once again, so we place a mental stop at Giveback
Level.

L = Same story as in = K, above. Mental stop at Giveback level.

N = DVS (pink arrow, late in the move means certain exhaustion of Momentum) slams a large red candle
into the S2/LT Trend Channel Floor (Daily, bottom chart, green channel lines). The position is again
in MPG violation, plus we suspect the move has now ended. Double content to place a mental stop at
Giveback Level.

Lower-Low-Turns-White. Exit Now! +/- 7.75 points

Albeit on time, and in the right shape, "V", the EOD Hiccup only moves Price Action slightly, and the
day closes at the S2.

PERSPECTIVE
(Daily, bottom chart)

Stepping back and taking a longer-term look at the tape,
we have adjusted the LT Trend Channel Lines (green lines
vs. dotted green line). Friday's large Bear candle
soundly tested the LT Trend Channel Floor.
Two giant candles in a row suggests a breather day and a
bounce north for Monday, but . . .

REMEMBER: Trade the Tape, Not my Prognostics!

Asher
=] ;-)>

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

Friday's PMT Chart: