Trading the Pivots

[JimmyJam]

Quote from volente_00:

Just a little tip coming from someone who trades nights,
There is a high probabilty that the direction will reverse right at 3 a.m. est. I trade this phenomenon quite often.

thanks for your input vol, you're insights are certainly appreciated, but I was thinking which P/S/R I would key a trade off of, not the market action perse.
***
With your hours, you're a perfect candidate to trade the 6E (if you don't already).

 

[JimmyJam]

If the NQ will confirm direction, I'll re-enter the short, otherwise I think it's toast.
***
re-entered short at 1307.5

 

[JimmyJam]

Quote from JimmyJam:

If the NQ will confirm direction, I'll re-enter the short, otherwise I think it's toast.
***
re-entered short at 1307.5

bailed at 1307.5.

price action is too choppy, nq has no follow-through to the downside.

will reconvene after lunch.

best.

jj

 

[nkhoi]

due to rollover none of setup work well.

 

[5Pillars]

Today is a dud so far.....I had my opening bracket trade hit for my usual percentage gain and then only two discretionary intra-day trades.....that is it for me and it is time for the weekend!

Only two 1 pt LONG trades today after my opening bracket trade was completed...........

http://www.charthub.com/images/2006/09/08/ES_317_VB.png

 

[JimmyJam]

Quote from 5Pillars:

Today is a dud so far.....

This whole week was a dud for me.

I did OK, with my own accounts, but I'm not posting for them, I'm posting to see if this method is viable and useable by anyone who happens by.

Taking a call from traderguy28 and DonKee, I'll be using his multi-time frame charts to see if I can't get the performance of the thread up-to-par.

I've posted some charts there from last week.

They illustrate Buy and Sell setups.

To be safe, each setup has a 2 pt profit/2 pt stop.

Here's the thread: http://www.elitetrader.com/vb/showthread.php?s=&threadid=76297&perpage=6&pagenumber=31

Best,

JJ

 

[JimmyJam]

For Moday, 09/11/06

Market Status

Pivot Trend: Bearish

1st Resistance: 1313
Median Pivot: 1310
1st Support: 1307

Current Trend: Up
***
The current trend is up and price action is sitting at the median pivot, I'll be looking to sell any early rallies on Monday.

Looking to get short (based on signal) around the 1313-1316 area, if it setsup. If the market drops, I'll look to sell any retracements to the 1307 area.

If I don't get either of these two setups, I won't trade this particular market on Monday.
***
Well, last week certainly was an experience.

As we have seen, when the tide of the market turns, it's best to stay out of it until price action realigns itself with the dominant trend being determined by the Pivot Trend indicator ... at least, that's how I'm going to play it.

I'm comfortable with this, as it will always have me trading in the direction of the dominant trend as determined by the daily price action. While there will be days when I don't get the setup that I want, over-time the method will show consistency in profits, and take away the element of uncertainty in trading (I'll always know what my game plan is the night before). I personally like that approach, so that's how I'll trade'em.

Having said that, the first rule of trading is that anyone who has a truly profitable system ain't selling it or giving it away (my first rule), and the second rule of trading is that the individual trader is soley responsible for his/her decisions (yep, my second rule too). So if you the reader don't want to trade like I've described her, it's allright with me, I have no problems with anyone trading any way they want to, it is after all, your money.

See you at the open.

Best Regards,

Jimmy Jam

 

[JimmyJam]

short @ 1305.25

here's the setup on the shorter term time frame (chart 1) and the logner term time frame (chart2).

 

[JimmyJam]

chart 2

 

[JimmyJam]

This position was stopp-out at breakeven.