In Oil The break thru resistance at 76.60 could setup a long trade if it is tested as this is now support. I'll be looking at that for a possible trade.
The Market just took off, never giving a pullback to enter. Its at resistance now, so i'll watch the reaction and see how it sets up. Trend is up and the support is now at around 77.00.
CL came down a tagged the support area and gave a buy signal and proceeded to break the highs. Chart is attached.
Finally this range breaks in Oil, 79 is resistance if it can stay below that i'll be looking for a short trade
CL tested the 79.00 area and could not break through. looks to me like a move back up to resistance at 79 if it sets up will be a good short. I'm waiting for that 78.60 is support that should not held as I think that the trends are changing from up to down.
As I anticipated 78.60 broke and a move back up to test it failed as it held as resistance. The way that support broken turns into resistance. 79.00 still the better resistance a move back up there should set up a shorting opportunity.
Hi Max22, interesting thread! Congrats! I have few questions, if you'd like to ans: 1. What is the objective of your journal? 2. How long have you traded? What is you experiance? 3. Do you have any firm trading rules? If yes, what are they? How do you enter and exit? 4. Do you use EMAs and how? 5. Why you you trade sometimes with the trend and sometimes countertrand? Looking forward to your comments. Cheers.
Hi epetrov The objective is to have a place where I can go back and see what i was thinking and what trades i took. Also to get feedback from others on the things that I am doing. I have traded for about 7 years now. I have some firm trading rules. The first and most important is to never lose more than 500-600 dollars on any given day. I also will not risk more than 2 es points or 20 CL ticks. I generally scalp the first half of the position and try and get as much as i can on the second half taking profits at other s/r levels. The triggers that i have for entry are confidential at the moment. It has taken me many years to figure out a system for entering. I will say that the most important aspect of my trading is that I make it a rule to wait for a support or resistance level before I consider entering a trade. Once we are there I use my triggers for entry. I use ema's and sma's just to identify s/r zones along with some other techniques such as fibonacci. I will trade counter trend if the market reaches an s/r zone on a larger time frame. I also look for some signs of weakness/strength before I consider entering a counter trend trade. I hope this answers some of your questions. Thanks for following along.