i expect this to close higher from here.. my trades posted for my edification only, amazing how different it feels when posting trades publicly then when taking trades in private. as anyone can see i'm no swing trader.. but all my trades are in as real-time as this site permits.
Tomorrow being both the FOMC and IEA day, it should get fairly interesting. If we should shadow the moves of the equity market tonight, we might actually move higher in the Globex. However, I'm fairly certain that we will sell hard after the IEA report tomorrow. I believe that will be the catalyst that will push this market back down below 75.
tomorrow's FOMC is more than likely another non-event. Inventories will be the key, provided they are accurate.
I'm curious why you didn't place a stop below the reversal bar on this trade, since it was counter-trend.
On a swing trade like this, do you leave your initial stop in place or move it to b/e since the price has moved over a point in your favor?
Guys, In the last couple of weeks I've been kill after EIA reports, and I don't want to guess and enter to the market before the report, it's either I get in to late after I realize is a bullish report, and then goes down, or I enter interpreting bearish news, when in reality the market take it as bullish. My question is after the report do you actually go over the report, and what you wait after the report to enter to the market. Really appreciate it any help. Thanks.
I don't even want to know the damn numbers and whether they're bearish or bullish. The bearishness or bullishness of the last few reports have created a bias and kept me out of some very nice trades because it's going up, up, up on bearish news (or vice versa) and I keep waiting for a reversal signal and miss the best moves of the day. I have vowed to just watch the price action and look for my entry signals, which could end up being buying a breakout to a new high on the most bearish inventory report imaginable for all I care as long as the entry signal is valid. (Now let's see how well I adhere to that vow...)
The actual numbers are not important its the markets response to the report that matters, and as you have said that will be played out in the PA of the chart.