pivot magic trading

Discussion in 'Technical Analysis' started by scottyb159, May 5, 2005.

  1. Anyone ever look into this course by Asher?
     
  2. The name of the course is "pivvt Magic Trading". He also has a journal with daily posts on several forums.
     
  3. which forums are those?
     
  4. I don't know anything about this program but anything with the word "magic" should send up a red flag. I would stay away. IMHO of course :)
     
  5. Wow. Only $239 for pivot concepts that are available for free.

    Here is the course revealed:

    Pivot Point = (H+L+C)/3
    Resistance Level 1 = (2*PP)-L
    Support Level 1 = (2*PP)-H
    Resistance Level 2 = (PP-S1) + R1
    Support Level 2 = PP - (R1 - S1)
    Resistance Level 3 = H + 2*(PP - L)
    Support Level 3 = L - 2*(H - PP)

    Save your money...

    Here is some good pivot info:

    http://en.wikipedia.org/wiki/Pivot_point_calculations

    And its free...
     
  6. No, you certainly do not know anything about it. It all started as a few post between Asher and some friends. "Magic" was used as a joke to grab their attention. Turns out, more people asked for the information and a course was born. The word "magic" just kinda stuck.

    There is a book entitled, "Price Action Trading". I am not sure if it came before the course or after. The book is not by Asher tho. They both appear to teach a lot of the same ideas. It is a little less than the course.

    You can learn a lot from Asher's posts. They are pretty good. The key concepts ,of course, are not how to calculate the pivot points. (yes, as the previous post implies, that information is readily available for free). What you need to learn is HOW TO TRACK WHAT THE BB (BIG BOYS) ARE DOING AT OR NEAR THESE KEY POINTS. For Asher, that means certain candle/price patterns coupled with volume. Asher's general believe (shared by the author of the book) is that the markets are a game played by the BB and as a small trader you need to learn to position yourself along side them to succeed. As a proponent of Volume Spread Analysis, I share a similar viewpoint. Markets move because of imbalances of supply and demand. Said supply and demand comes from Professional Money (BB). Many things I have observed in the posts are essentially the same ideas as with VSA. For example his Desperation Volume Surge (DVS).

    No, I have not taken the course myself. In truth I do not like the idea of spending money on a trading course. Yet I would, and have, spent money on trading books. I have spent more than the cost of the course on books. Then again, tradguider's boot camp is 500.00 bucks.

    I guess what I am trying to say is, you could do a lot worse and spend a lot more money, but maybe think about the book "Price Action Trading" first.

    Or, option #2, buy Tom Williams' Master the Markets ($100.00) and learn to track Professional Money using 3 dimensions: Volume, Spread(Range), and Price. Then use the above pivot information to look for supply/demand imbalances around those levels.
     
  7. nkhoi

    nkhoi Moderator

    "Advertisements and solicitations of any kind are strictly prohibited unless you are a paying site sponsor.."
     
  8. bellman

    bellman

    sounds like the magic part of the pivot magic course is that it's not about pivots, but actually about following big money.



     
  9. Go to the head of the class.

    The two main elements needed to successfully read a chart are:

    1. Volume- this is how one can spot what the Smart Money (the BBs) is (are) doing.

    2. Understanding of support/resistance. "floor pivots" are one way. Market Profile support/resistance is another (better) way.