Joey's MP Journal

well on the mini dow i look for reversals off the pivots that will result in a 40 to 60 point move. I cant go for 5,6 points as the spread + stop losss will kill me. (4 point spread when spread betting.

untill i can figure out a way of filtering out some of the losing trades i'm not gonna be able to trade them. the lines on the charts were all drawn at the start of each hour, broken lines are points that if crossed i will only take a trade in that direction full lines are where i look for the reversal.

How about changing to a 5-minute or 15-minute chart, waiting for the first candle which closes beyond the pivot, and then pulling the trigger if the market retraces to the pivot in the subsequent 1 or 2 candles only? They won't always retrace, in which case forget it.

You mentioned in your journal picking a direction for the day. I think this will help. I've decided to always be short, but an alternative is to plot the moving average of the last 3 or 5 days Central Pivot Point and if the latest PP is above it have a long bias, otherwise have a short one.

Garry,

That deMark PP looks VERY interesting. The Overnight Low is 1292.75 - almost the deMark PP to the exact tick! Trading at 1300.00 now.

Cheers,
Joey

Writing a post this morning, I realized I effectively had a phobia about going long. I've also decided to implement my scaling out strategy. Anyway, this is the result - I can barely contain my excitement as it contains all the elements I've learnt since posting in this journal (mainly rathcoole_exile)

Trade 1 Buying Daily Pivot Point (1289.92)

Planned trade was:

Buy 3 lots: 1290.50, Market-if-touched
Stop: 1288.50
Target 1: 1293.50
Target 2: 1295.00
Target 3: runner

The result was:

Bought 3 @ 1291.00
Sold 1: 1293.75 = +2.75
Sold 1: 1295.00 = +4.00
Sold 1: 1301.25 = +10.25

Gross p/l = +17.00!

It's probably premature excitement, but I'm going to enjoy it.

great well done, happy for you !!
i had to spend the nite trawling thru go-go bars so missed trading tonite .... :-)
you know what i'd rather be doing ..... yeah right ....

Congratulations on your best ever daytrade Joey.

Milestones should always be celebrated!

So should go-go girls.

Weekly High = 1313.50
Weekly Close = 1299.75
Weekly Low = 1274.50

Weekly Pivot Point = 1295.92, Weekly Range = 39

Weekly R3 = 1373.92

Weekly R2 = 1334.92

Weekly R1 = 1317.33

Weekly PP = 1295.92

Weekly S1 = 1278.33

Weekly S2 = 1256.92

Weekly S3 = 1217.92

1373.92 (Weekly R3)

1343.25 (Resistance)

1334.92 (Weekly R2)

1328.75 (Resistance)

1317.33 (Weekly R1)

1316.75 (Resistance)

1310.00 (Resistance)

1297.58 (Daily Pivot Point)

1295.92 (Weekly Pivot Point)

1278.33 (Weekly S1)

1256.92 (Weekly S2)

1217.92 (Weekly S3)

There is a slight change of emphasis to reflect in bold-type those levels I anticipate using as entry levels in the day timeframe. Others may be added as an overnight session draws to a close.

Using the levels in conjunction with each other appears to throw up a few attractive possibilities: an aggressive day timeframe entry which "leans" on a level from the week timeframe for stop placement. For example, buying 1297.58 whilst leaning on 1295.92 or selling 1316.75 whilst leaning on 1317.33.

In addition some of the entry levels are confluent with other methods. For example, I'm interested in shorting 1310.00. In this region is also 1309.58 (Daily R2) and 1309.92 (61.8% Fibonacci extension of Friday's range).

All very discretionary, but that's what appeals to me.