On the breakout of 100.97, does anyone know how a breakout like that happens? I've experienced them mainly out of ascending triangles (which this was). Price had coiled in a tiny range on almost no volume, then what? Are all the bots programmed to buy the new high off that low volume NRC setup, or does a big buyer just throw a market order in there and sweep the market? I'm always curious how the big moves transpire, because all day the breakouts were rather tame and short lived before pulling back. But that .97 break was wild!
UN resolution on LIbya ---------------- Why does this matter: ------------------------ If you're cynical: this is a great opportunity for NATO member countries to get in on the oil trade China has been developing in Libya. If your a realist, this is about making sure neighbors in Europe's backyard are friendly to European interests. And if you're neither this is about protecting innocent Libyans. But overall, a no-fly zone would allow for the preservation of U.S.-EU influence in the Mediterranean, and prevent Libya from slipping more and more into the camps of China and Russia. The UN Security Council: --------------- The UN Security Council has five permanent members: China, France, Russia, The UK, and The U.S. It does have other members, however, they don't really count, because they don't have veto power. And that's where today's vote gets interesting. The Vote: ------------- It's guaranteed the The UK, U.S., and France will vote "yes" on the no-fly zone. China and Russia have reasons not to. Russia and Libya traditionally have a strong relationship, but lately that has been deteriorating over the issue of Qaddafi's use of force against his own people. On March 10, Russia banned arms sales to Libya. Russia is opposed to any ground invasion of Libya, which may be necessary to create a no-fly zone. Russia is likely a "yes," or abstention. China's oil companies are preparing to restart operations in Libya. It doesn't want any interference in Libya's domestic affairs which is pretty much Chinese policy for every country outside its sphere of influence. Count China as a "no," or, at best, an abstention. The latest handicapping sees the vote passing based on an abstention from China, but that's not yet certain. What's next: --------------- If it's a yes, then US-NATO forces will attack Qaddafi's forces to prevent the destruction of rebels. If it's a no, and the U.S., UK, and France are serious about this, they'll likely sidestep the Security Council's "no" and get approval from the broader UN Assembly in some sort of non-binding resolution. Or, they'll conduct the operation through NATO (or both). But they'll have to act quickly if they want to prevent Qadaffi's forces from decimating rebels camped in Benghazi. Read more: http://www.businessinsider.com/libya-un-security-council-2011-3#ixzz1GszwSr2g
How bad is 'bad'? The International Atomic Energy Agency (IAEA) developed the International Nuclear and Radiological Event Scale to identify the severity of incidents involving nuclear energy. Chernobyl was a level 7 accident, the highest level, denoting a "major accident." Three Mile Island was classified a category 5, which is an "accident with wider consequences." The IAEA is not yet rating the incident in Japan on the INES scale. http://www.cnn.com/interactive/2011/03/world/interactive.nuclear.japan/index.html?hpt=C2
Well, I got stopped out on that trade so I prolly ain't the most qualified to answer your question. But, technically speaking, a rectangle at or near the HOD is considered bullish and, should the price break out of that range, I'm told you should sell everything including your hubby and your kids and go long. But then, by the time it does break, it's usually too late to react. Please don't let your hubby read this.
well, that's assuming all market moves are created equal. unfortunately, life is not just that simple. price consolidations only mean that the tape is primed to move. when, which way and how far depends on outside factors. today we had Apr - May volume shift thru the session, so someone(s) could have simply goosed either contract and the other would follow arb'd suit. who knows what the intent was this specific time? sell April into spike and roll into May on the drop? lots of spreads and arbs pushing the tape right now, and tomorrow too. retail traders tend to look at things simple & linear. but a commodity market has a lot going on behind the scenes we don't even think to consider. that's why trying to "figure out" who is doing what in the market at any given time is futile. the cast is ever-changing and the motives are constantly different
you can not be too technical. who knows Japan had earthquake at that particular moment on that particular day, just who knows.
This is so TRUE, I couldn't agree more. Austin you nailed the basic philosophy behind commodity trading , what a powerful punch line you have it here ... << Retail traders tend to look at things simple & linear. but a commodity market has a lot going on behind the scenes we don't even think to consider. that's why trying to "figure out" who is doing what in the market at any given time is futile. the cast is ever-changing and the motives are constantly different. >>
I had the same trade as you.........anybody who is an Al Brooks student could see the "wedge line breakout pullback long"......it stuttered for about 20 minutes....[I trade a 2 minute chart]....and yes.....same as you I would normally have bailed.....but as you said it was a SMALL stop ! Anytime......you get price action "stalling" at the extreme highs like here [or lows] you "draw in" more and more traders......You have the "fade"crowd...who think the trend is over....and want to sell the top......[ I find this an absolutely frightening way to trade].....and then you have the "breakout" traders with orders sitting just above.....the third group are the traders lucky enough to get a "TREND" signal......before the breakout.........either way......it's "buy stops" galore above !! "Trapped in shorts"...and ...."trapped out" longs chasing.
Congratz! It's come to my attention that CL Redux cleared its first 1 million views. On that note, I want to thank everyone who has actively participated and made this thread for what it is today. I have no doubt that some of you will be filthy rich before the next million is posted. With that said, write on.