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It is always fun to get to my hotel after I had made a market assesment earlier in the day but had no time to watch it. I get upset with myself sometimes when I do not follow my own thoughts on the market, it's almost better sometimes when I have to be away from it and see it later.
When I typed that CL was trading around 106.00, somewhere around 8am this morning. It found shallow support around 105.75, tried to run up, hit an abc potential, and then blew past 105.60 to bottom at 104.50. Crazy how the market can be chaotic yet somewhat predictable. Never predictable enough though...
Surly, thanks for this reference. I found some YT videos of Ari Kiev and I'm going to watch some later. I will also consider his book. Just so I know though, is he a trader or only a psychologist who is a trading coach? One of my favorite resources on trading is Dr. Brett Steenbarger, and I like Dr. Brett because he is not only a psychologist but a trader as well. I have found many psychologists who are in the trading world who coach traders, but who cannot trade themselves. What is your opinion of Dr. Kiev (I'm assuming he's a doctor)?
I don't recall ever seeing that much volume on a 1 minute chart. It does not mean I know that I have never traded under those conditions, just that I never noticed it before. 12,000 contracts...wow.
My flight to DC was delayed to the point that I had to move my Thursday meetings to Friday, and my Friday meetings to Monday. Now, stuck in Virginia with not much to do, I checked back into the Marriott last night, knowing I had saved my "Marriott TV" workspace in NT.
I sat and watched that move, took a tiny piece of it, and then am still just staring at it. days of incredible moves like today's used to take my money over and over. And I would think, if I could only catch that I could make all kinds of money. But today I do not understand it, and trading is difficult enough when I do somewhat understand what is going on. With nearly every volume bar that followed nearly reading as an exhaustion bar, how am I to make any sense of that?
Net 35 ticks on a 3,000 tick burst, and just happy I am up for the day.
Yep... read it first time 10 years ago. I should read it again. If I had the time...
Working through some books on options right now as a refresher. Curious, have you ever traded options on futures? I think I will focus on just CL for now (otherwise my trading suffers) but I've been wondering lately if there are successful futures traders out there leveraging or hedging positions with options...
Yeah, that was some rip! Any news come out? I faded it for a few ticks and got out before it settled into aTR. I had a bit of a long bias to start the day after yesterday's move but these big rips make you think twice about scaling up in EITHER direction...
SAN FRANCISCO (MarketWatch) -- Oil futures tacked on 1.5% Friday, buoyed by a report that said Iranian oil exports have fallen this month. Oil exports from Iran appear to have fallen in March by around 300,000 barrels per day, or 14%, according to a report from Reuters. May crude (NMN:CLK2) traded at $106.87 a barrel on the New York Mercantile Exchange, up $1.52. Prices posted only modest gains before the report was released.
That is alll I know. Apparently most of the trading world was short oil.