Thanks for the warning although I don't think we are going to get a retracement (I wish I felt the same for my S&P lol). 91.37 is the next support level. From there we are going to 85 rather quickly. After a break through 85 we should plummet to 78 and at that point I look for prices to hold in the short term. On my S&P. I felt pretty good going into the close on friday but now after looking at both the daily and weekly chart I am having second thoughts. On the weekly we have held the 100 day ma. On the daily we have held the 1400 and stochastics are in oversold territory and turning higher. Although a lower low monday on the es would set us up for trade around 1375 level (august low level). A break through there sets us up for 1350 and then 1325. I think we might be putting a little too much bearishness in this market too soon. They say the ratio of bearish to bullish traders is substantially larger than what we have seen in the past few years. This week will be SO important!
usman88 Thanks a lot for the heads up on oil and for the warning earlier. I appreciate it a lot! Im out of all 3 contracts though at 92.78. Total profit $4,770. Not bad but I didn't expect this pop and im not letting them take away all that cash. Currently im mixed technically in crude. Im watching for either a break above todays high or a break below todays low. It could go either way but we are getting a little oversold so my thinking is we might get another pop tomorrow and I might be able to "position scalp lol" the crude market with a long on a break above todays high for $ .50 If not then I will look to get short below todays low. My longer term bias is still lower and I look to maintain that bias until we reach 78-80 level on march crude. Out of all my es positions today at 1410. $1,187 profit there. Im kinda upset about it though. I honestly thought this thing would just plummet but it doesn't look as though the time is right yet. Im staying on the sidelines until im sure we are going down the drain. usman88 what is your thoughts on crude after todays close? I know you said 94.43 is a nice short but were you talking intra day or for a longer term trade like im doing? Thanks
Rtrader2525 Thanks, im trying my best to get to my goal this year and hopefully there will be more profits to come but no doubt there will also be draw downs. Total profit this year is $6,747 so far for those who care.