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Back to desk, NT is closed, have not even looked at markets yet.
Net for the day;
2 trades in the British Pound / 6B
+1
+78
= net 79 ticks
Good day, I had a plan for what I wanted to see in this market for a few days now, and the overnight push up gave me the confirmation I was needing. Of the 8 markets I am watching, I was actually most drawn to Corn a couple days ago, but not sure I like the idea of potential limit up/limit down (I don't even know what that experience would be like), so the next favorite pattern was in 6B. Somewhat weird to have traded a $6.50 instrument. Such a great move for so little net, but the losses would be relative if I continue to trade 6B.
I believe I have to go to Miami tomorrow, may be out the rest of the week.
Can you help answer these questions from other members on NexusFi?
Drilling down to an hourly, there are three well defined confluence zones overhead, the first being nearly dead center of the daily LSP region. I am going to be watching that area closely. There should still be stops above the local major top (red arrow), but stopping volume that comes in after any blown stop action would be something to take notice of.
Still tracking the 6B, price has retraced to an area of possible LSP support. The area also showed buyer interest around the week of 12/6/11. If this zone holds it could set up an inverted H&S. Then. a breakout above the top of the symmetrical triangle could provide enough conviction for buyers to push to complete the pattern.
6B is not a market I am familiar with, but I liked the chart pattern on a daily. I am tweaking a range chart, but not completely happy with it yet. The current view is a 4-range and the chart I use for 6 range CL. 6B seems to follow a tighter "flutter", and I have added an EMA price envelope to help figure out the difference in movement so I can later adjust the T3s and DCs.
For now I am actually watching a 10min/15min chart for trade entry.
6B found support and quickly reversed around the LSP area (two yellow horizontal lines) in the 15 minute chart above. Minor resistence should be the two blue/gray lines. I would like to either see a breakout above the blue/gray zone, or a minor double bottom in the yellow zone, but am currently interested in a long based on the initial reaction around the LSP.
Yesterday morning's pre-open volume spike tried to push 6B down, I may wait until 9:30am EST passes before taking a position, or may wait for the 10am EST Factory Orders volume spike.
6B also shows an oversold condition on the 93 RSI (yellow/cyan oscillator in the right lower corner of the left monitor). Again, not sure of the crossover between CL and 6B, so readin a lot of caution into interpretation, but this is what I would want things to look like if I actually knew anything about 6B.
I'm expanding my markets in 2012 and this was the first thing that caught my interest. By the end of the year I expect to be relatively fluent in 8 markets.