Trading the Pivots

Stop Hit, Position Reversed.

Short @ 1279.00

I anticipated, but the CCI Histogram never went green.

See as how the trend is now DOWN, the system allows me to reverse and go Short.

If this blows, I'm done for the day.

edit: Once the Open is crossed, I'll take 4 pts instead of 2. The price action may trade to the median pivot (1272).

 

I need to give those R2's and S2's a little more credit.

I haven't back tested, but some of my best trades have been to simply sell/buy the R2/S2 using a 4 point stop and exiting at eod or trail 2 ticks above/below the 30 minute bar.

 

Previous Support Broke, moving Protective Stop to 1276.75, holding until it is hit or MOC.

 

Yeah, you're absolutely right.

I didn't really think it had the power to turn the market back either.
***
So, to review.

Point 1 3 trades and up 2 pts, that's a lot of extra work for the same result as I had this morning.

Point 2 But that's what happens to every single trader when they get "cocky" and don't adhere strictly to their signals ... point taken.

OK, market may hold or continue to drop, but I'm done for today.

Thanks everyone.

Jimmy

 

Bingo, Gap filled

Covered @ 1272.50, for a gain of 9 points... per contracts

Nice day....

 

excellent!

 

Using the above stratgey would have resulted in at least a 9 point day. Oh well, we seem to hit the R2/S2 level about once per week.

There's always another trade coming round the corner. lol

 

Hey JJ,
I didn't get around and browse through ET this weekend so I didn't know you started your journal. I hope it goes well. Looks like you already have some pivot players in here with you. I'll be checking it out but don't be a stranger.

Good Luck,
Gary

 

What indicaotr is the little read and green square dots above the time on your charts?

 

Hi Gary,

It's very challenging.

Now I have a lot more respect for you and what it takes to run your thread, manage your other investments, and oversee your business!!!! :eek:

Taking care of things around the apartment, getting ready for work, keeping my eye on my own proprietary system and trying to put together a smooth, generic trading system with a positive expectancy and the rules which anyone can trade by is not as easy as it looks.

Believe me, in this case, doing is believing!

Thanks for stopping by, I am fortunate to have some really experienced guys (uh, I'm just assuming ) on the thread, today's half-run/stumble out-the-gate has given me several ideas for re-tooling and making some modifications in the setups, as well as uploading a number of spreadsheets which will assist traders in managing their trades.

Best,

Jimmy