Daytrading Course
Learn to Read the Tape
Exploit Pit Pivot Points
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PIVOT MAGIC JOURNAL - EXCERPT

Good morning and a good week,

Friday was filled with the usual craziness. At least we got one big bite from the morning's blastoff!

No idea what's in store for us on Monday. No matter. As day traders we don't really care which
direction the market moves, just as long as we get some range and a tradable signal!

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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
Friday June 13, 2008

Friday morning opens gap-up, half way to the R1, and heads back south for a test of the Pivot.

1 = Support at the Pivot holds, and Price Action tapes a 2-bar "P" reversal off that PL. The Volume is supportive (pink arrow), so we prepare to enter.

A = DVS (pink arrow) generates a giant white candle, pulling us in, with a bit of slippage. Since this single breakaway candle puts our position in instant
violation of the Pivot Magic Trading Maximum Profit Giveback rules, advance the initial stop to Giveback level.

B = An even larger DVS (pink arrow) drives an even more giant white candle through the R1 and High. Per our stop rules, move profit-locking stop under
the High (See NOTE:, below).

NOTE: Greatly expanded ABS convinces us to extend both the maximum Profit Giveback and stop
placement spacings. Thus, we will not get stopped out at every Price adjustment.

Reading the pair of oversized candles and accompanying, whopping large, DVSs as signs of failing Momentum, confirmed by the Price Action reversal
exactly at the 10:00 Reversal Time line, exit when/before Price Action dips 2 points. +/- 9.50 points - Not a bad way to start the day!

[SNIP]

D = Notice, in retrospect of the 9 or so points gained in the EOD Hiccup (classic V-shaped checkmark, lavender lines), that the tape gave astute readers
of the tape fair warning. There were three pre-emptive events when the young bucks jumped the gun, TELLs (blue arrows). Experienced readers knew
that while staying out late drinking lunch the BBs were hatching a Bull plan for EOD.

REMEMBER: Trade the Tape, Not my Prognostics!

Asher
=] ;-)>
Pivot Magic Trading Course
http://www.tradingthingys.com/PMTJ/Commodity%20Day%20Trading.html

Friday's PMT Chart: