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TFC Commodity Trading Forum

US Debt Cloud Looms *LINK* *PIC*


Good morning,

Wednesday's Price Action Traded cleanly from Pivot Point to Pivot Point,
making our morning at least, nicely profitable.

The plunge was devastating, as the world responded to the US government's
inability to magically solve the debt problem. Very sad, but nonetheless
profitable for daytraders.

Enjoy and be well,


"Don't gamble; take all your savings and buy some
good stock and hold it till it goes up, then sell it.
If it don't go up, don't buy it."
Will Rogers


E-mini ES U1
Wednesday July 27, 2011

1 = Morning session opens gap-down, pulling us in on the breakout of an Anomaly (Overnight,
bottom left chart) Double Top off the S1. Stop advances above the MidW, for instant
locked-in profit.

A = Second red candle closes below the S2. Per our stop rules we normally would move the
profit-locking stop above the high of the candle, but that leaves our position in Pivot
Magic Trading Maximum Profit Giveback (MPG) violation. Mental stop at Giveback Level.

NOTE A: This candle is also the completion of a 123 off the underside of S2, so we add
contracts. If you missed = 1, this is a great second chance to enter the fray.

NOTE B: The ABS is rather bloated today. Consider expanding the stop and MPG placements.

B = Large red candle. Per our stop rules, move the profit-locking stop above the high of
the candle.

C = Giant red candle puts our position in violation of MPG rules. The Late-in-the-Move
DVS (pink arrow) is an exhaustion warning, so we are double-glad to place a mental stop at
Giveback Level.

The next (white) candle taps on the S3 and retracts, signaling a Pivot Scalp exit.
+/- 10.25 points

Nice way to start the day!


(Daily, bottom right chart)

Wednesday taped a huge red day candle, seriously
penetrating the Fibonacci 50% Retracement Level
(dotted red line). Even a breather candle on
Thursday is likely to test the Fib 62% Reversal
Level(dashed red line).

The world is poised for whatever mistake the US
govt. will make regarding the debt question.
No good choices available there, only Fear and


REMEMBER: Trade the Tape, Not my Prognostics!

=] ;-)>

Wednesday's PMT Chart: