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This market is resilient, exited my YM short for loss. Freaking had all day to go down but no selling...Had multiple chances to close it for profit but when I chickens out I am regretting when I don't also I am regretting so I don't know what else I can do... Anyway not a good week but not that bad also. Need to re assess what I am doing, why I am still fearful etc etc.
Monthly and Weekly - As of now BIG indecision, will it come down it's absolutely possible but OPEC cuts are negating huge oil pileups. I firmly believe market is negating these huge oil inventories every week because it's waiting for these spring and summer months to keep rolling and expecting drop in oil inventories so that OPEC cuts will help the price to move UP. That's my 2 cents on BIG picture.
Daily- One ugly chart, Oil has to come below those MS's (50 and 21...I know I know) for big guys to push it down to 200 MA.
1 Hour chart - This chart is the key for me...In a range bound market price keeps coming back to weekly VPOC's...It happened in last two weeks...I don't have any stats and I haven't done extensive back-testing so don't hold gun to my head. Based on that I am expecting month to be closed somewhere between 53.53 and 53.35.
Trading - I don't have a freaking clue. Price closed near weekly LVN and WVPOC. One thing we all know is don't trade when price is near VPOC and VWAP unless you have some insider information.
I traded CL for a while but find NG easier to trade.. NG seems to respect my levels better. and is smooth when it really trends. and when it reverses.. it goes for a while
Do you trade big contract? I just started this so trading qg instead of ng. Now, I guess I am going to take a break form it in summer months as my mentality is to find reversal and this can hurt more.
Please post a chart, I am trying to be swing trade but these days markets are not favorable for swing trading. I use VWAP bands too but use monthly and weekly bands along with Vol profiles etc...
As per the plan, I have a target of 20400 (I must be dreaming )...let's see if I have balls to hold this. Currently have TWO contracts ONE at BE+1 tick and other is my main position, which I am ok to take some heat on it if necessary.
I MUST learn to trade around my BIAS and POSITION.