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On the Friday action, I agree. That major burst above the minor LSP is a failed H&S, a signal for some traders. That was on the 15-30-60 minute. I have not looked at cash for while, need to check the correlating number in ES. I did not take a single short-side trade today, because the 82.20 support in CL held, and backing that up is that double bottom. CL pushing the high into the close was great, but stubborn at times. Apparently enough traders thought it should go down to keep it coming back like a raquetball. I would say I was quitting...
On the heavy short into Sunday, you are far braver than I am. I have never held anything other than a regular stock through the electrionic close. Just looking back at this past Sunday's major gap open in the euro reminds me why. Had I been long, great trade, but had I been short, where was my stop? There wouldn't have been one.
That may be more of an options play, which I really don't understand that well. But, if Sunday gaps lower, you will have plenty of time for your other interests, and I should be able to find plenty of price action left. Up or down at the 6pm open, it will most likely will not just sit there
Can you help answer these questions from other members on NexusFi?
Assuming of course, there will be resistance. 87.00 is within an easy reach...
I have a hard time selling a double bottom without good reason. Just something I was taught, and it was explained as just being silly, you don't do it. But I would start to lose faith south of 83.00, and beyond 82.00 would probably switch teams entirely.
Interesting, ok. My interest lies more around 37, as indicated by this picture, which was the low of the week-long trading range back in early May. Of course, these are all "areas" anyway, and not necessarily a specific price. Thanks for sharing your ES chart.
4) NO limit to the amount of TIME in front of the market.
5) Nothing outside trading to pull me away.
"You drank alot and then like an addict kept looking at your laptop. Sloppy & weak; you are better than that."
The first 5 are actually easy. The final analysis contains some insight that was needed.
I have made my study of trading more intense than anything I have ever done. I think I posted once that I breathe the market as if it were air, thinking that was a good thing. And maybe it had it's place, like boot camp. It crammed I could not even guess how many thousands of hours of study into a very short 5 years. I am not kidding when I say I have studied almost every single day since I started. Not traded, STUDIED. Made it an effort to learn something. But at what cost?
In some ways most of my life revolves around that single aspect lately. It is a nearly constant conversation in my mind, I spend way too much time on this journal even. The first thing I do when I get up, come home, check into a hotel...is check the charts. Where will it go next? I chuckled at myself as I typed that.
My plan is to commit to full time in roughly 2 months, and before I do it is maybe time to start thinking of it as a job, and start figuring out why I wanted to trade in the first place. It was not to spend every waking hour in front of an array of monitors. It was not that I loved trading books...
I have not really even considered that for years, lost in some time warp.