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"That line" was 87.45, and it did break. But volume has not been convincing and movement felt more like a function of punishing those who tried to pick the top. Going into the close, if there is no reason for oil to be up, and the winers of the day were buyers...
I'd like to see a lower low first, but it would not surprise me to see an exit of longs in this zone. The LSP at 88.04 is really yhe line I an watching, but there is a minor 786 below that. The major trend is down. But on low volume, something about "selling a quiet market..." I'm taking an hour break and letting someone else decide what to do here.
Can you help answer these questions from other members on NexusFi?
I thought about that a lot, mostly for a laugh, but as I said, I understand the reasoning behind it and there are weirder things that I probably do. I was not sure how I would do something similar, and so keep working on myself instead.
But I am considering listening to this trader who goes by GaryD. He has good advice, does decent chart analysis, trades well at 1-2 contracts. He might be too conservative for me sometimes, but that is ok. What I like about him is that he is experienced, scarred even, but still in the competition and has learned a lot from his mistakes. And if trading 1-2 contracts is what works for him, maybe it works for me as well. I remember reading that he was in no hurry to increase size, when it happens it happens.
As much as I try to move away from scalping, some days it sure looks attractive. Of course this is one for my personal record books, not an every day occurence. 6 ticks of heat all day.
I did go short in the red area, but wimped out of it in such light volume, caught one more move up instead.
Only trading one contract today, period. No swapping positions, etc. today. Low volume, did not sleep well.
There is nothing more frustrating to me than being in a trade, closing it to take a phone call, and then having it run 60 ticks in my favor... but overall I trade better while paying attention.
I am rethinking resistance overhead. CL might have worked it's way through a corrective 5WM with a minimum 162 target at 88.35, OR, could complete a 100%app of W1 above the prior top, which coincides with the prior major low overhead. Until it clears 89.65 there is still a DT possibility in the way of a major W3.
Heavy calendar for the next 3 days. Mr. Bernanke gets two slots for himself. I had not thought of it earlier, but now I think understand the tight trading range today in ES. No one wanted to step in front of Ben...
"Those who long to live, from my observations, are the people who choose to live deliberately, purposefully, simply, and slowly. This appears to be the secret to survival."
-Peter
Peter is very active in the pursuit of human longevity. His body is half his chronological age. I'm sure when he wrote this he did not realize he was also speaking about trading. Just replace the word "live" with "trade" and you have some very good trading advice.