On the daily, we hit the obvious support on Friday. What are the chances that we swing back up and make a new high (like, you know, 94-ish)?
4 scratch trades for me, one of which went +19 (20 tick target) before coming all the way back. Along with hitting some support, it's also hitting resistance at the 20 EMA on the daily. CL looks like it wants to go up, but I don't think it's really going to get any momentum behind it until we hit 90.00, or until the HOD comes into play and price starts acting like a magnet to get there. And if it fails to get there and decides to go down, I don't really know. That's just my thoughts.
Crude is being bipolar today. Creeping down, being all depressed feeling sorry for itself, and then out of nowhere it's all jumpy and happy and decides to go for a joyride. I can't make any sense out of it. Probably best for me to stay away for the rest of the day.
It does seem a bit schizophrenic. It looked pretty weak there a few minutes ago and then, like you say, jumped. It has no conviction or follow through. You'd think (always dangerous ) that it would pop more on the news of the pipeline problems. Lots of cross currents though. USD is slipping a bit this afternoon. http://www.barchart.com/chart.php?s...ddindicator=&submitted=1&fpage=&txtDate=#jump
My indicator was still bullish but looked like it may have started to show a reversal, however, price did go up, and I jumped in. I should have then just left my target and stop alone instead of watched it and I would have made more money. I only took 12 ticks and could have gotten much more. I see where I could have gone long a 2nd time, but did not pull the trigger.
SIM By the time I understood the tunes of CL music its EOD. today = +168 trades = 13 ( majority BE ) Next time I see similar action I am prepared for it. Bottom line I learnt: This market needs counter trend trading with quick exits.
I'm not a scalper, I'm all or none. I had 7 trades that showed nice follow thru out of the gate and came back to b/e or so and 4 trades where I locked in 30 ticks. I have no way of knowing when a runner will occur and I want to be conditioned to catch the runners.
My poor choice of words, it should have read "trade the channel" Good afternoon, good evening and good night!
I had 5 b/e trades today. I pretty much missed some of the better signals since I lighten up after 12pm. The day was still a success since I didn't get chopped around.