I been getting some PM regarding cyan/red bars. attached chart shows they give plenty false signals and why CONTEXT is important.
02-07-2012 Long off 98.34 out 98.70 No need to be the first one to go long. Let time pass and CL form some base even though in the END we are still trading probabilities.
A NOTE ABOUT FIRE WALL: Fire Wall is my expression to say that if one has enough success in market then both emotional and equity capital keeps on getting stronger. With each success it's get tougher to shake a trader out of a position. If one has to make money in trading then it's very difficult to make money. So do not trade with savings, to pay off bills , debts etc.. I have tried to help someone for 3 months on skype trade for trade but it did not work out because he had too much stress in terms of living expenses, bills, debt etc.. I tried to tell him but he thought by working hard , taking 2 hours of yoga class etc.. will relax him. No and No. When one is worried about money everything else comes 2nd. One has to be completely relaxed to have a chance in trading. Regardless of amount of capital one has, new traders should just trade 2 cars and practice the hell out of their set ups. Trading CL in size can be very dangerous , 10 or more cars. On recommendation of a friend who has been trading for 30 years, i took out 1/2 of the money out of my account as i kept trading with size which was at the highest edge of my account size. I will say, i will not do it but do it again and again. So, the only solution was to take money out of the account and just trade with appropriate position size so that i am RELAXED.
02-07-2012 Not having system 2 and 1 of brain in BALANCE can cause some missed opportunities. Jim Dalton talked about this concept in his webinar. I have listened to it 3 times, looks like i need to revisit it. http://www.jdaltontrading.com/webinars.php My home town team Patriots lost, so plenty of free time now.
Tuesday's API levels were established with little fanfare at 1630 yesterday at 9866-9878. On some EIA news events, CL can retest these levels, but does not have to...