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Had a question about why the CL calls, so I will just post a pic ( picture is worth a 1000 ticks):
It was just a simple weekly and daily support. I did not trade the future since the stop loss would have been too expensive. With options the risk is defined.
Still looking ugly. I can take the loss, but I wanted to see what happens with time. The other issue with this trading method is that the interest is expensive, almost $1 per day. For such a small position, this is not good. I will try to use my VSA trading set ups on FX and of course will stop the FX spread trades.
I am very confused on the over all direction of the ES, technically. Both the bulls and bears have a valid set up.
My guess is that we did not re-test 2940ish, support seems to be around 2835. I may just trade news today, if any.
It's no secret that I don't trade well on gap down days, and today was no exception. I kept waiting for news to buy, that never really showed. I had also tagged 2841 ( see post 81) as support. Price came close, them moved up from there. We some news, that help me force a trade I should have never taken. later we tested 2841 but no buyers still.
So, I bailed and paid a better more discipline trader $154 today.
An okay day, with one mistake. Low stress. I lost $154 today.
My guess is that both Trump and the Fed wants another rate cut soon. My guess is we get either announcement or surprise cut this week, which could lead to new all time high on all within a day or two.
Sell with care,
I am thinking in one day, cut and all is good with China kind of news. That is the only way they can keep this market going. Bears have been waiting for almost 10 years and they are pissed!!