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,
Well, as we predicted in yesterday's PMTJournal PERSPECTIVE,
the bears tested the LT Trend Channel Floor (green channel
lines) on Wednesday. In spite of the fact that the day was
mostly sideways, we scored a couple of nice bites, one before
and one after the FOMC hysteria.
Still thinking the bears have more to say on Thursday.
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
Wednesday 20 November 2013
Wednesday morning opens gap-up above the Pivot, and struggles to cross below the PL for the next
half hour before finally heading north to test the R1 Resistance.
1 = A 2-bar "P" off the R1 with just enough Price Window open for a decent run at the Pivot/Close.
A = We are pulled in on a giant red candle. At the close of the candle move the stop above the MA.
B = The tail of a giant red Bull Dragonfly spikes the Pivot. As soon as it retracts we Pivot Scalp
exit. +/- 3.25 points
Price Action turns sideways a bit early, and travels mid-way in the Pivot-R1 channel right up to
the FOMC at 2:00.
C = The impact of FOMC Minutes from October, though belated, nonetheless drives high-Volume
(pink arrow) market hysteria. We wait it out.
2 = No Price Window open to the re-enforced (Trend Channel Floor, green line) S1. We ignore this
123 completing on a small red candle in the fog (blue arrow).
3 = Juicy 123 of the S1/green line.
D = Volume comes to life (pink arrow), and we enter below the PL on a giant red Marobuzo
(full-bodied candle without wicks) candle. Will the troops rally into the hole punched by this
sumo candle? At the close of the candle we find our position in Maximum Profit Giveback (MPG)
violation. Mental stop at Giveback Level.
E = Twin Towers DVS pattern (pink arrow) indicates a stall/reversal off the S2. When this large
red candle spikes the S2 and retracts, we briskly Pivot Scalp exit. Glad we had a mental stop!
+/- 3.25 points
4 = Too late on the PMT entry clock to consider this "P" 2-bar.
EOD Hiccup (plum lines) is right on time, tracing a classic "V" check mark and bouncing up to EOD
close at the S1.
PERSPECTIVE
(Daily, bottom chart)
Wednesday taped another red Spinning Top day candle.
This time it was a bit larger and though it briefly
left the new Bull Trend Channel (green channel lines)
it closed back at the Channel Floor.
Nothing in the Funnymentals to suggest that anything
will interfere with the descent.
REMEMBER: Trade the Tape, Not my Prognostics!
BE PREPARED FOR ANYTHING, AND GUARD YOUR FUNDS!
Asher
=] ;-)>
Wednesday's PMT Chart:
