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Something i do not bet against with DOE A up unless a nice FLUSH UP shows up. One time is OK for a natural pullback after 240 ticks move and thats why i shorted 52.18. I am trading CLJ5 contract.
Bottom line i am not going long at highs ( anything above 52.30 is high for me to try new long) even if she is going to 53. I will get my ticks if there are left any per my RULES.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Relative newbie to Oil, experience with NG, but I'm sitting on the sidelines trying to gain some experience/knowledge on days like today. With EIA inventories rising to high levels to echo API reports yesterday, I was expecting a bit of a bear market today. Any insight as to what I'm seeing happen today? Tons of volume over the last few hours as well. I apologize in advance for the naivete, but I'm beginning to get wrapped up in this! Thanks...
This is known as BAD NEWS but GOOD PRICE ACTION. In this scenario trading opportunities are more vs if price action was as expected. Price action to the down side most probably would have been muted as CL already had moster sell off during prior day and subsequent Globex session.
Always keep daily, weekly and monthly true range in mind. Some traders look at 1, 2 and 3 standard deviation moves in mind to put on trades. It's very hard to inititate a new short after price already has moved 3 standard deviation etc. Which one is easier to short? 50.20 or 52.70? Sell GREEN BARS and BUY RED BARS.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Its not that simple but as a general Rule. Buy Red - Sell Green. Sell Green ONLY in macro bearish trend.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Looking at current price action in this ascending triangle it is interesting to see that most of the momentum has been to the down side...and that the areas of congestion have been near the highs...
Congestion or consolidation below the high may be building a case for a break up...certainly the higher lows support this...
Yet on each of the falls the momentum has been to the downside...makes me think price patterns can fail...
Well, so far nobody has told me anything except for you. Thank you for the advice and I will thoroughly check out the CME site. I am only on this site to gain an education on trading and I have already picked up some good pointers.
I don't know how people are trading on this board, are they trading just to grab a few ticks intraday are they going out one, two, or three weeks out?
I, personally, think that Gold is in a much better trading range that oil, which along with the dollar are both currently moving sideways. and I think will continue to do so for some time.
And no, I don't buy your argument that moving averages aren't valid for the future.
It seems to be quite easy to talk very flippant on this board.