Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
NEW YORK (MarketWatch) -- Oil prices spiked on Friday on reports that Egypt closed off its borders with the Gaza Strip and announced a state of emergency in the Suez and Sinai provinces. The reports, from Egypt's government-owned newspaper, cited security threats after attacks in the region as the reason for closing the border, a key seaway used for oil traffic.
Tough call this morning. Pre-RTH price tested above Wednesday's high, then opened back inside range, tested Wed's value, and has settled in the middle pre- ES. Egypt still provides little comfort that the threat is over.
I may have to get back to that one later. The topic got away from us and we were off in other directions. I guess there is enough trade talk during regular hours.
I found myself wanting to fade crude tonight. On the daily chart this is a high confluence area for major resistance, which is why I was "sell ready", without any additional confirmation.
But my goal has been to blend everything I have learned into a single understanding, and catching the top does not win me anything special. There is nothing saying to sell in MP. The 6pm open was above Friday's range, tested into the price that occured after the pit close and reversed out higher again.
I was thinking about market profile this weekend as I drove along, and saw that it can give a very early indication on when and where to go short, if I was going to, and that by having an understanding of where on other charts should be more of an awareness than a commitment.
“You train your eye and your vision lusts after color. You train your ear, and you long for delightful sound. You delight in doing good, and your natural kindness is blown out of shape. You delight in righteousness, and you become righteous beyond all reason. You overdo liturgy, and you turn into a ham actor. Overdo your love of music, and you play corn. Love of wisdom leads to wise contriving. Love of knowledge leads to faultfinding.
If men would stay as they really are, taking or leaving these eight delights would make no difference. But if they will not rest in their right state, the eight delights develop like malignant tumors. The world falls into confusion. Since men honour these delights, and lust after them, the world has gone stone-blind. When the delight is over, they still will not let go of it....”
- Chuang Tzu
I was a great guitar player in my pre and early college years. And then got my father's permission to change colleges to become a jazz performance major. The study was intense. I went to one of the top rated jazz schools in the country, and we started with over 100 guitarists in the first semester, had 17 I think by semester 2. There was a performance test every single week, and if you made a mistake on just one of those performances, you got a B for the class. You had to get an A or a B to move on to the next level.
Technically, I became a much better player. But the intensity and seriousness of it all slowly killed my passion for playing.
I got into trading the opposite way. I studied as hard as I ever have at anything. I dug into the techincal side without ever considering whether I liked it or not. Now I am going the other direction...
Short was correct BTW, but not important. There are better trades.
On a different note, last week, Friday, I was telling my wife how things went. Not a great week for all the work and hours.. .and she said, "It was one week, not a big deal". That shift in her was inspiring to me. Proving to her that this is ok has been a big pressure for me. Like the archer going for gold.