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One day of bounce - even though it was massive- everyone forgot about as to what's been going on for over a year with Crude. They forgot about all the inventory reports which has been coming out every Wednesday with the same message every time- there is plenty of supply.
My premise has not changed for shorts and will not change till Crude gets really defended. Shorts and shorts since Thursday. Never once it crossed my mind to try longs except for scalps. Within a bearish trend " BIGGER THE BOUNCE- BIGGER THE POSITION SIZE" is the rule i go by.
It's lot easier to short at 52, 51 then at 44. But people get bullish above 50 and bearish below 44 (lol).
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Why would CL will hang in there all day at 49.50 area and then drop 150 ticks into close? They like to lull people into FALSE SENSE of security. Hi, CL got bought at 49.50 2 days ago, look how price stayed above it all day, there is a HVN etc. and then it all dissappears . We like to look at these made up things like MACRO traders gives shit about these things. This is the thinking i had when i tried long at 49.80 before the close thinking CL is going to 50.40 etc. Luckily i know what happens when you have Montly, Weekly and daily A downs , so i got out.
CORRECTION: First chart should read short 51.89 and cover 51.10 area
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
CL bounced hard during Asian session on Wednesday ( once in a year type of event) due to headline news of Saudia Arabia attack on Yemen and traders took out their PITCH FORKS, MEDIAN LINES, MARKET PROFILE, FIB, GANN, ELLIOT WAVES etc. and on and on and declared that their magical forecast TARGETS got hit.
It's another thing that hardly anyone one of them had a trade on. Saudia Arabia did not call me before the event but i knew what needs to happen at highs. If more and new headlines had came out of that region- CL would have continued on her upward path regardless of our neat little tools based projections.
Since there was no news it was time to take the AIR out of this move. Bottom line i did not short becuase i have some tool telling me that THIS is it, CL is not going higher. Since it was a fluid enviornment i used tight stop loss and got stopped out many time till i got the market by the BALLS.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Stop loss on rest of shorts 49.50 area and if and when 47.40 area gets broken , will add to shorts. Who knows we may get another headline news event and CL rips again. That will be the catalyst for a back up move and not due to some lines on a chart.
Anyone who was rubbing his hands that despite his analysis showing CL is going to $52 he missed the up move, well here is your chance, buy CL with both hands. I have no interest in longs here.
NOTE: Stop loss is just based off what i cn afford to give up from potential gains. I do not draw lines and say CL is going here or there. My feeling is if there is no news- CL should not bounce back 100 ticks if she wants to go lower.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
A new sucker is born every minute. Turn $500 to $300,000. EX- Pipe fitter has discovered a hidden code (lol). I am booking next flight to Australia (lol).
" David Burton 1hr
File: BURTON1.mp3 Gann Teacher & Private Trader: Australia
Born: 1957 Years in the Market: 22
Method of Trading: Technical
David is not an intraday trader. Why should he be when
market moves can be predicted years in advance?
Born in New Zealand, David qualified as a fitter for the
New Zealand Electricity Board before moving to
Australia in 1978 to work on the mines. In 1983 he
briefly became a futures broker and at the same time
discovered the works of W.D.Gann, a market analyst
from the first half of the twentieth century. Since his
stint as a broker he has been privately trading his own
account. Having spent years studying Gann and
decoding its hidden meanings, Burton is able to predict
future market movements.
Using Gann techniques, he was able to, for example
predict the moves in Cotton in the mid 1990's, turning
$500 into $300,000 using traded options. David is not
someone who minces his words and answers to
questions are often direct, succinct and to the point.
A number of his basic approaches are revealed, as well
as clues to further research. For example, he has
discovered a hidden code in Gann’s book, Tunnel
Through the Air"
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Hi mfbreakout, I been learning very much with all your posts in this awesome thread, thanks is not enough. how tight are your stops loss? and how often tries to grab the market by the balls . do you use always the 6 trades rules?