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2nd trade closed for a 69 tick profit. Trade record for the day; two LONG trades (call me crazy), one for 71 ticks, the other for 69 ticks. 140 ticks up, no losses, calling it a fantastic day. I know myself, and this is when I could get dangerous
And back down it goes... When crude gets this volatile it will eat you alive. But, this is when the "surf" really kicks up and the big waves start rolling.
If you are interested in a MONSTER wave, crude is at an interesting point.
There are a lot of factors suggesting support in this general range. (This is a $4000.00 per contract range by the way, out of my league as my average stop is closer to $400.00. )
And, on the short side, look at the ABC formation if this zone breaks.
Over the next few days/weeks it could set up to be something that fits my comfort zone. The way I am going to be playing this is watching for signals on lower timeframes to ride in and out of a possible major trend. Always remember, any market can and will go wherever it wants to.
I don't typically watch the S&P, but I do if there is major movement. I have not traded it for over a year, don't like the motion, but right now there are 4 zones below the market that are strong candidates for at least short term support. Crude has a tendency to follow the S&P in times of high volatility in the S&P.
I am wanting to short crude, but the divergence on the 93 minute is holding me off. Today may be a no trade day. Crude as local resistance around 84.80, but also has a stop loss powder keg around 85.