The 25 Point Discipline For Day Trader - #12, #13 And #14

I continue my post about The 25 Point Discipline For Day Trader. And below is the 12nd, 13th and 14th point
 
#12 DON’T HOPE AND PRAY. IF YOU DO, YOU WILL LOSE.
When I was a new and undisciplined trader, I can't tell you how many times that I prayed to the "Bond god". My prayers were a plea to help me out of a less-than-pleasant trade position. I would pray for some sort of divine intervention that, by the way, never materialized. I soon realized that praying to the "Bond god" or any other "futures god" was a wasted exercise. Just get out!

Technical Indicators - Pivot Points

Pivot Points are used to project potential support and resistance levels. The main time periods used are daily, weekly, and monthly pivots. The formula for the daily pivot point, support, and resistance is shown below:

• Pivot Point = [Yesterday's High + Yesterday's Low + Yesterday's Close] / 3 

A 15-minute chart of the mini-Dow futures contract and the corresponding floor trader pivots are shown below:

1. Pivot Points, Support, & Resistance
2. Pivot Point Trade Examples

Technical Indicators - Pivot Point Trade Examples

In addition to giving buy and sell signals, pivot points give traders a good time to get out of their trade. To illustrate, during a rally some traders will set their sell orders right below the next resistance line. Thus, pivot point resistance and support lines can generate ready made profit targets.
A 5-minute chart of the Nasdaq 100 ETF (QQQQ) is shown next:

Technical Indicators - Pivot Points, Support, and Resistance

Pivot Point = [Yesterday's High + Yesterday's Low + Yesterday's Close] / 3 A 15-minute chart of the mini-Dow futures contract and the corresponding floor trader pivots are shown below:

Today's Forex Prediction - July 28, 2010

PAIR	TODAY'S PREDICTION
	MAX	MIN
EUR/USD	1.3096	1.2949

See : How To Applying My Prediction

Yesterday Prediction Rate : ACCURATE (Average Error < 50pips)