BS"D
Exploit Pit Pivot Points
Daytrading Course
Learn to Read the Tape
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DAILY PIVOT MAGIC TRADING JOURNAL - EXCERPT
Good morning,
We took a nice ride (read: profits) on the Surge portion
of Friday's Surge-Slide maneuver.
Looks like a LT SW Channel has formed on the Daily, so
stay tuned for more excitement on Monday!
Enjoy and be well,
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Pivot Magic Trading
First rule:
"Any time you don't know what is happening, get out!"
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E-mini ES Z3
Friday 04 October 2013
1 = Friday morning opens with an Anomaly (Overnight, bottom left chart) Double Bottom through the Pivot.
We enter above the Pivot on the giant white completion candle. Advance the stop under the Mid, locking
in instant profits!
A = Massive white Marubozu candle (full-bodied candle without wicks). Our position is now in Maximum
Profit Giveback (MPG) violation. Mental stop at Giveback Level.
B = The large red Spinning Top of the S-trap gave us palpitations, so we call this white Spinning Top a
breakout and zip our stop under the low of the candle.
C = DVS (pink arrow) drives a small gap and a large white candle. Still a bit nervous, we employ my
convention and slip the profit-locking stop into the gap.
D = Another S-trap stall, and the Bulls break away with a large white Marubozu. Normal stop placement
(under the MA) leaves our position in MPG violation. Also, we never know if the troops will rally into
the hole punched by one of these sumo candles. Mental stop at Giveback level covers us for both
eventualities.
E = Super-DVS (pink arrow) blasts a Doji spike through the R1 and Price Action instantly retracts. We
Pivot Scalp exit most briskly! +/- 7.75 points Nice way to start the day!!!
2 = Doji Sandwich "P" Reversal Signal off the R1.
F = We enter below the MA, with our stop advancing above that PL.
G = A pair of small Dojis stall, and DVS (pink arrow) plunges a giant red candle toward the Pivot.
Our position is in MPG violation. Mental stop at Giveback level.
When the next candle retraces >62% we exit with alacrity. +/- 1.50 points
Lunchtime Volume, assisted by a burst at 12:15 (= H), climbs back through the R1 before assuming the
standard lunchtime sideways drift.
Volume never resumes, and Price Action slides along the R1 Support to EOD.
PERSPECTIVE
(Daily, bottom right chart)
Friday's large white day candle completely recoups Thursday's
bearish dive. Looks like we may have entered into a wait-and-see
holding pattern. Could be a Sideway Channel (lavender lines) has
been established.
REMEMBER: Trade the Tape, Not my Prognostics!
BE PREPARED FOR ANYTHING, AND GUARD YOUR FUNDS!
Asher
=] ;-)>
Friday's PMT Chart:
