CL Redux

feels like a top

Its a bit difficult to call as gap close 7838


IF it turns I would target LOD

 

I agree it might test 78.20, but I feel is the top of the day.

 

euro making new highs, keeping us up

 

I think there are one or two funds that are very long and are trying to get out or keep the market propped up. I would expect that someone is getting close to their position limit.

 

Yes definitely. I'm familiar with the breakout bar-count. I was just whining

I really traded my plan. I entered short on the first breakout bar (post-news) and covered on the pivot off the second down bar that followed, plus this was after a pre-news large down bar, so in effect I covered at the 3rd bar count pivot. Funny thing is when it bounced back up to 77.28, I said to my friend, "Hey it's right about where I covered, I should short again here---" and boom, fell over 20 ticks before I could get a mouse-click in edge-wise!

 

-.07

out .10

 

last trade of the week, short 78.15, 15c stop

 

Sounds like you complicate it. The market is nothing more than higher highs and lower lows. Once it fails to make higher highs and lower lows is when everyone gets out. Good thing is you made money though

 

stop to 78.05

edit: too choppy of a day to let profits get chopped out, flat at 77.85

 

these sort of days just confirm that anything can happen at the close on a Friday