pages 4-5 http://www.cmegroup.com/tools-information/lookups/advisories/clearing/files/Chadv10-464.pdf
in daily chart, today's action is just a reversion to 20 ema. in 4H chart, it's a reversion to 120 ema.
very interesting thanks Picaso! If I was a real trader would I actually have to know all that or do they have people for that.
So the rubber meets the road at 84.40ish, I'm more of a 25 sma guy which is 83.80ish either way plenty of room to the down side.
Plenty of room to the upside too. Notice the spread between oil and gasoline. http://www.bloomberg.com/news/2010-...fineries-as-100-oil-looms-energy-markets.html
Down around $ 30 total for day on all accounts. Main issue was an emotional response to making a good trade on ES only to realize that I did it on sim, so just decided to go long market real money. This was a revenge trade, I don't think I even looked for signals. Got stopped out including averaging in on 1 contract. After getting stopped out, market started to go up, so went long 1 ES contract. At this time CL was trading between 84.80 and 84.70. My thought on this was that CL was basing, and I wanted to get long before a possible break of .80. Well, CL went to 84.68, but I was not going to take a standard stop, I was actually thinking of adding there but had too many contracts in multiple markets. At this point CL broke the .80 barrier. I got out with just .10 profit although I could have made at least .20 because as stated I had multiple contracts. I also then killed the ES at a small profit and then killed my 6A at a small loss. Currently looking in ES to maybe go long one more time if it pulls back.