I aim to post daily comments on the prompt CL. I will consciously list tools that I use. I will aim to minimize these tools. Currently using: 5 and 30min bars, 20bar EMA, MACD for tech. Support/Resistance and Pullbacks for Price Action. ES, EUR for correlation. Economic calendar. I am currently studying the CL Redux, ES Journal, NoDoji's Day Trading Log, Unholy Grail to Success threads and will aim to borrow liberally from there. So help me God.
Summary: +0.20/barrel, decent entry, undecided exit on trending Friday. Need to study how to exit. 8-9: CL trending lower, same for ES, EUR. Below 20EMA. 9-11: CL & ES lower (volume increase) on Consumer sentiment. 2 pullbacks at 10 and 10:35 Short @ 74.90 (for: trend since 7am, only 1 cross above 20EMA, against: a bit below 20EMA of 75.40) 11-1: hearing on CL Redux that ES might cross June highs so a bit anxious on my short. Touches 74.41 for lows and bounces back. No momentum increase (defined as increased volume/5min here) so holding to short. Still flirting on lower side of 20EMA in last 1/2 hr. I like the price action and would like to scale up but it's still at 74.80s around my entry so I hold off. body crosses EMA twice. 1-close: Coinciding with Obama's Warren appt, CL tanks to 74.10 lows (with volume increase). No change to ES. Rebounds back, small green bodies and so-so volume. I had to leave for my prayers for exited 74.70 at 2:15. Wonder what the push up in last 30 min means for next week. Hypothesis: I want to classify this as trending Friday (defined: i> lack of momentum, any strong indicators but still moving in one direction in pieces. ii> less than five crosses above/below 20EMA)
Summary: +0.20/barrel, decent entry, undecided exit on trending Friday. Need to study how to exit. 8-9: CL trending lower, same for ES, EUR. Below 20EMA. 9-11: CL & ES lower (volume increase) on Consumer sentiment. 2 pullbacks at 10 and 10:35 Short @ 74.90 (for: trend since 7am, only 1 cross above 20EMA, against: a bit below 20EMA of 75.40) 11-1: hearing on CL Redux that ES might cross June highs so a bit anxious on my short. Touches 74.41 for lows and bounces back. No momentum increase (defined as increased volume/5min here) so holding to short. Still flirting on lower side of 20EMA in last 1/2 hr. I like the price action and would like to scale up but it's still at 74.80s around my entry so I hold off. body crosses EMA twice. 1-close: Coinciding with Obama's Warren appt, CL tanks to 74.10 lows (with volume increase). No change to ES. Rebounds back, small green bodies and so-so volume. I had to leave for my prayers for exited 74.70 at 2:15. Wonder what the push up in last 30 min means for next week. Hypothesis: I want to classify this as trending Friday (defined: i> lack of momentum, any strong indicators but still moving in one direction in pieces. ii> less than five crosses above/below 20EMA)
Summary: +0.42$/barrel, Trending for first 2hrs. Then 2-pullbacks testing highs of 76.77 (Friday highs) 7-9: Mixed move (above and below 20EMA couple of times) 9-11: 2 pullbacks at 9:35, indecisive about long entry on 1st pullback based on past 2 hrs move around 20EMA. Crosses 75.30 resistance with an extremely long green bar at 9:50. Entered 75.88 on increased volume at 10:25, at low of the channel. Drawn out affair, it's 40 minutes later but no direction either side. Holding on as still on lower side of my channel and ES, EUR slowly trending up. 11-1: first 20minutes: finally moves up, good price move, good momentum. 11:45, touches lower part of my trend-channel. 11:55, crosses the channel but still above close to 20EMA -- Lack of momentum and ES/EUR are quiet, so is it buyers or sellers who are going to step up to the plate next? Out at 76.30: lack of momentum, out of channel for past 4 bars. touched 20EMA after 2+hours (classic Al Brooks pattern) 1-close: lack of volume, crossed my lower channel and EMA. Wondering if this may move higher again to test 76.70s (incidentally close to Friday highs). 2 pullbacks from the 76.77 highs, waiting for massive collapse which didn't happen. Questions to myself: - I am still seeking a method to exit trades that I'm comfortable with. I feel uncomfortable when i exit and I miss the remaining part of the move. - Was today's trend related in any way to Friday's move up in last half hr before close (yest's thread) - MACD crossover + EMA crossover seems to be a great method