Joe Terranova just dumped his F! Must be on the failed weekly A up we had at 12.98. I think Joe might be reading this thread.
Yeah, I saw that. Can't help but think it's overdue selling because of the pre-announcement. I may be crazy, but I grabbed some puts yesterday. I'm staying.
HOW TO TRADE WITH CONTEXT & WITHOUT INDICATORS: 1) CL price action is like today on 70% of the days. Unless one is FOCUSED on CL, it is very difficult to trade on days like today. Traders correctly call days like today NOISE, NO TREND, CHOP etc.. 2) It is easier to trade something which is TRENDING like GOLD, NFLX, CAT etc.. which are trending in one direction today. 3) I am a developing trader. Thus, i decided to just FOCUS on crude oil- 24 hours a day (lol). Attached chart shows one of my set ups which show how i trade CL every day and try to get $1-2 out of the market. These set ups work for me and on days i do not execute set ups with a CALM mind- i loose. 4) If i can trade CALMLY on days when a THIRD FORCE enters the market, i will be all set. THIRD FORCE can be DOE report, FOMC minutes, NEWS etc. 5) Attached chart shows 2 trades i took this morning into Euro close. I already had booked 80 ticks from first trade this morning, so my confidence was good and in right frame of mind. If, i had couple of losers right out of the GATE, i would not had taken these trades. So it is very IMPORTANT for me to start the day on the right foot. 6) For whatever reason price will not break below 100.80 from 9 am till 10.20. I actually took 1 long from 100.85 and price was at 101.42- when 10 am news hit and CL pulled back to 100 and I had to bail out. My mistake for not being sensitive to 10 am news. I was looking at CL hitting 101.80 (lol). When 100.80 breaks, that becomes RESISTANCE. price hits 100.40 ( yesterday close) and bounces back to 100.74. I short with a target to 100.42. I place my order to cover way before hand along with stop loss. I am not worried about 100.40 breaking and CL selling to 100. If that happens, I will take next set up. After CL hitting my first target, CL bounces to 100.84, short again and cove at 100.44. KEY: 1) I do not move my stop loss and I do not move my potential target. before I take the trade, i have decided to take loss, so why move stop loss? 2) There should not be any NEWS, CATALYST at the time these trades are taken. Anything can happen but I do not worry about things I can not control. 3) risk: reward needs to be 1:3. Bottom line on a quite day 80+32+40= $1.52. As of 12.07 pm , i shorted CL again @ 100.82 with target of 100.44. Stop loss 100.91. IF ROBOTS ARE IN CONTROL- IT HELPS TO BE A ROBOT. I CAN NOT TRADE THESE SET UPS WITH INDICATORS.