I think it may touch $115-125 if unrest in Saudia Arabia will developed (Started some today already) As a day trader I do not care as long as it moves somewhere.(The more moves up and down during the day, the better) (When I need to fill gas in the car or buy heating oil, ist another story)
My thought in the morning was over all trend was down so was looking for a short. I saw CL going up, and had a confirmation using a 3 candle stick pattern I look for to go long, but did not since was below the 20 EMA, and of course market kept going up. At this point did not chase it, and had order in to short on limit. On chart, CL hit my price was not filled, so went short on market. As CL fell instead of either taking standard or chart based target, I was watching the market and when it started to go back a little against me, I killed the trade for a scalping profit. Overall this was a good setup and trade. If I had things to do different, I would have set a target and maybe brought my stop down a little since I took no heat. After that I basically quit for the day, however this is still an issue of quiting after a winner and trading more when I have a loser. I think I have to set a max amount of number of trades I am willingly to take for the day win or lose. Overall I feel I made some improvement on trading this week. I briefly looked at the market later and was surprised that CL later in the day did trade higher. So goals to work on for next week, holding my winners a little longer. Not averaging down into losing trades. Having a reasonable stop level. Not over trading by having a set number of trades. Last night I reviewed my Word document on trade setups that I use, and updated it a little which I think helped today in finding and taking good setups.
CL invites much larger profit targets now. IMHO, your minimum target should be 30 ticks and one-pointers aren't unusual now; if price is moving with momentum, hold for those key levels. Make hay while the sun is shining, because it's shining like crazy in CL lately.
Shooting star on the weekly /CL, also shows the trading range with a regression line and channel. NoDoji's friend calls this a FU candle. Your criticisms and thoughts are welcome.
Megaphone formation on the daily chart. This is "reliably bearish", but we're dealing with news-based uncertainty, so the timing of the expected move down may be thrown off at these levels. http://www.camarilla.ws/Megaphone Top.aspx
I notice FU candle's regularly being violated on the ES...question for you why the "full" stoch? I use the "slow" stoch ....is there much difference? Thanks
LOL Are you implying that someone would come on CNBC and try to manipulate the public? I've never heard of such a thing. Is the megaphone chart pattern site in Wisconsin? camarilla.ws
Libya: Who is propping up Gaddafi . The actual Libyan Army is almost symbolic, a weakened and emaciated force of little more than 40,000, poorly armed and poorly trained. It is part of Col Muammar Gaddafi's long-term strategy to eliminate the risk of a military coup, which is how he himself came to power in 1969. So the defection this month of some elements of the army to the protesters in Benghazi is unlikely to trouble Col Gaddafi. http://www.bbc.co.uk/news/world-africa-12558066 ---------------- Libya crisis: what role do tribal loyalties play? To be sure, tribal affiliation can play an important role in securing employment and public services, in much the same way as the "old school tie" and the Oxbridge networks are believed by some people to influence employment and career prospects in the UK. But in terms of political power, tribes are of limited significance, with many of the pillars of the Gaddafi regime, such as the revolutionary committees and the security services, consisting of people of different tribal affiliations http://www.bbc.co.uk/news/world-middle-east-12528996 --------- Clinton says U.S. reaching out to Libyan opposition WASHINGTON (Reuters) â Secretary of State Hillary Clinton said on Sunday the United States was reaching out to Libyan opposition groups in the eastern part of the North African country. "We are reaching out to many different Libyans in the east as the revolution moves westward there as well ... It is too soon to see how this is going to play out," Clinton told reporters before leaving Washington for Geneva to consult with allies on Libya's crisis. http://news.yahoo.com/s/nm/20110227/pl_nm/us_libya_usa_clinton_opposition ------------- http://www.eurasiareview.com/opinio...gaddafi’s-murderous-regime-in-libya-25022011/