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That's a good way to describe it. "Hot potato" comes to mind with the way CL jumps around. I traded CL exclusively for a while, and have been on ES only since last October. They are both nice, just that CL is so darn thin in comparison, my eyes had not watched CL on level 2 since last year and it was quite a refresher on why it's such a volatile instrument.
ES is most definitely a joy; if all days could be like today, I would be in heaven every day. Just absolutely beautiful movement, good range, well behaved, nothing too crazy. Earlier this year with the 8-10 range days it was more difficult. But I'll take a small range well behaved day any time rather than some of the loony volatility that we had last year.
Can you help answer these questions from other members on NexusFi?
I'll split the difference with you; I am hearing now that 1st target for CL {from larger swingtraders} is 88.00
Partial profit taking should begin in that area {if this continuing forecast(s)} continues to play out.
I wrote the following on May 4th; nothing changed my mind this week as CL sh*t into the end of the week within .50cents of the recent low.
"That monthly (long term) swing low above $95.00 could come into play in the next 10 trading days. Lower mid 90's would be something significant (s/r).
It is working so far. Swingtrading requires a different skill set than daytrading--I recommend it to round out one's
toolkit."
---------------------
Peace
Your timing on topics is uncanny. I just moved money this week for a swing campaign. I have taken a few, but I am now allocating funds to strictly swings. Same account, different balance now, separated mentally. I expect to stake out zones, enter as a scalp, but hold for days to weeks. Monday will be day one of being in watch mode.
I love how you analyze these markets, the way you use fibs and extensions crazy Gary :sos:
Very fascinating where did you learn this, through observation?
good work
" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
Still intrigued by this descending triangle. Buyers have tried over and over and cannot get any strength to the move up. The 96 area is/was a potential correction target for a return to the upside, and that is what I think is holding price here (that and the S&P, which makes no sense to me right now but not going to fight it).
I had 92-92.50 as a strong support earlier, but now have backed off some and re-colored a lesser strength. I still feel it is worthy of at least a bounce is price gets there, but not as convinced as I was a few days ago, and today seeing 87 as a new area of interest. I know @researcher247 mentioned 88, but I can't find anything from my abilities that doesn't start with an 87 in that region.
I added a resistance point around 99-50 - 100.00, felling like that 100 level will carry psychological S/R, and not sure what I think of it yet so the magenta color has no meaning to me other than "watch". A break above 100 would probably bring out some buying.
But if I had to take a trade today and close my eyes for the week, I would focus on that triangle, above or below. Buy 97.70 maybe, sell 95.20? Either end is looking a little tired. Sunday overnight could change it all though.