BS"D

RULES AND CAVEATS

Pivot Magic Trading Course
First rule:
"...Any time you don't know what is happening, get out!"

http://www.TradingThingys.com

MARKET IN REVIEW - LITE
Wednesday (24 August 2005)
_____________________

1 = Wacky Wednesday morning opens with an Anomaly off S1 (Overnight, bottom
left chart). No Price Window to the "always proven" Pivot, so no entry here.

2 = 123 "S" Second chance to enter the move off the Pivot. The move never
takes off, and, except for a hiccup or two, that's it till the BBs come back
from lunch.

3 = 2-bar "P" off the R1. Just enough Price Window for a PMT scalp. Even
with that clear signal on the 10-Minute (bottom center chart), I didn't follow
my own advice here and held off in anticipation of further Bull activity:
REMEMBER: Trade the Tape, not my Prognosis!

4 = 123 "S" Second chance to enter the ongoing move through the Close. Entry
into a PMT scalp beneath the Pivot. (PMT scalp because Price Window to the
proven Support at S1 is really too small to trust for a regular PMT entry;
whereas, the Bear Volume is getting stronger confirming entry.

A = Second healthy red candle closes below the Pivot. Move profit-locking stop
above the Pivot, reducing Undefended At Risk almost to zero.

B = Large red candle through LowW and S1. Since the S1 is proven, elect
medium aggressive choice and move profit-locking stop above the LowW.

C = Second healthy red candle closes below S1/through the Low. Move
profit-locking stop above S1 (or above the Low).

D = Second healthy red candle closes below the Low. Move profit-locking stop
above the Low.

E = Giant red candle to the S2. DVS (middle chart), watch for end of move at S2.
Even before we had time to place our profit-locking stop above the high of the
candle, per our rules, the Volume reversed. Take a look at the exhaustion red
Bull Dragonfly on the 10-Minute (bottom center chart). Ideal Exit, briskly as
soon as the next candle turned white. Bad slippage. +/- 8.0 points

F = Classic EOD hiccup right on time!

PERSPECTIVE

(Daily, bottom right chart)
Wacky Wednesday indeed! Price Action zipped up to the R1, reversed,
and slammed down through the 50% Retracement level (light blue dashed
line), and plunging to the 62%. (By the time I snapped the chart, the
Overnight had already spiked down mighty close to 100% retracement and
reversed. See the spike?) Anybody's guess for Thursday!!!

REMEMBER: Trade the Tape, Not my Prognostics!
(That means you too, Asher!)

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

Wednesday's PMT chart: