Pivot Magic Trading Journal - 02 Dec 2003

BS"D 


PIVOT MAGIC TRADING JOURNAL - LITE VERSION 

CHECKING VITAL SIGNS
"...If you aren't watching Volume, as well as Price, 
you may find yourself suckered into false moves or 
breakouts.

Any charting with standard Volume indicators enables 
you to monitor volume. Volume indicators are most 
often displayed as vertical bars across the bottom of 
the chart, one bar under each candlestick. Larger 
bars mean more Volume..."


(Pivot Magic Trading Course)
http://www.supportandresistance.com/Asher/index.html



MARKET IN REVIEW
Tuesday (2 December 2003) 
_____________________ 


Today's session opens just above the Pivot.  For the next hour, 
trading continues sideways, struggling in the channel between 
the Pivot and Close .

1 = The tape shows a failed attempt to cross the Pivot.  2-bar 
Reversal off the Mid.  "P" Entry Signal.

A = Failed test of MA.  Per our rules, move profit-locking stop 
below MA.  We are now in a "free trade".

B = Second healthy white candle closes beyond the Close.   Per 
our rules, move profit-locking stop below Close.

1 = Bouncing off a failed test of the Close, Price DT Double-tops 
to make a complete a full Double-top Formation just short of the 
High.   Exit 2.5 points

3 = A little of everything.  DT, double-topped, Double-decker 
Doji Sandwich off yesterday's High.  "P" Entry Signal.

C = Giant red candle (even if it were a day with normal Volatility) 
penetrates both Close and Pivot.  Per our rules, move profit-locking 
stop above Close.  Be prepared for quick exit if Price bounces on 
the Pivot.

D = Red Bear Dragonfly with its nose pressed against the Pivot - a 
bear Signal on its own.   This is very encouraging.  Move 
profit-locking stop above the candle's wick.

Immediately, we get a 123-like formation/DT Double top/2-bar through 
the Pivot.  Keeping our reins tight, move profit-locking stop above 
the DTs.

E = Exhaustion gap.  This Bear move is soon ending.

4 = Price spikes down to tap the HighM, throwing first a large red 
Bull Dragonfly, and then a nice white candle for a 2-bar Reversal. 
Exit.  5 points

The rest of the afternoon is a valiant, but futile, sideways attempt 
to clear Support-turned-Resistance at the Pivot. And that's where 
the day ends.

Asher 
=] ;-)> 

http://www.TradingThingys.com
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To see the chart:
Http://www.TradingThingys.com/PMTJ/PivotMagic021203.gif

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