How's trading been going in Crude? I've personally been staying away from it, it has been a spike/chopfest!
MFB, we kind of went over all this. Nothing wrong with restating old content, but we are on page 850 now. LOL. So what brought you back to ET? You went over to Big Mike's forum right? BTW, I posted that Mike Tyson quote on this thread as well! LOL. About 400 pages back though.
Yes, i am on Big mike as i announced and posted on my ET journal What's the question? I will try not to repeat but i do not claim to post every post earth shattering. My post about quote from Keynes/Wycoff is nothing new either. Everyone must have read those quotes it in the past. I will try not to repeat. Thanks,
1) Crude has 200 ticks moves every day. What i have found out that on 70% of the days it is a slow move from one side to the other and one has to hold for 30 or more minutes to make 40 ticks or more. 2) DOE report days have become my favorite days to trade. 3) Trading is going good. I am still a one trick pony trading crude. My trading method has evolved in a sense that i try to hold a position for a little bit longer than i used to.
Hi ammo, I try not to fade 30 days number line when it is strong regardless whether it is end of the month. If 30 days number line is strong and CL is not responding as expected then I fade. Just like lot of traders number lines has been showing underlying weakness in different sectors of S&P but it keeps on going higher. Number lines are showing weakness but reaction is different, I look for longs. Based on enclosed chart of Crude inventory and 30 days number line of crude which has been around 2 and 4 recently, crude should be much lower but it is not. So, i mostly looks for longs. "WHAT DID NOT HAPPEN IS MORE IMPORTANT THAN WHAT HAPPENED" Jim Dalton. Traders who just look at their number lines are still waiting for sell of in S&P. I am sure at some point it will pull back.
MBF, the number lines have been very strong in a lot of sectors and in the indices they have been moderately strong. I don't know why you would think the market should sell off. What are you basing that on? The number lines have been spot on all year. They have led the market higher and lower. In fact, right now as I type this, the 5 day rolling in the Russell is +10!!!!! Maybe your number lines are different but they are spot on right now. The number lines should be used in conjunction with the ACD levels, not in isolation.