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Gold: Price has developed a range from 1248.8 to 1251.2, my trigger zone is at 1248.2 to 1248.8, price is very close to Moving Averages, all this means to me, to WAIT.
Crude Oil: it is moving, testing my trigger zone, 92.06-92.13, and developing a possible setup. lightning down.
Entering the "death hour" from Pit open 9:00 to 10:00, so this means to me set pending order at 92.12 to see if market breaks this level, if is not broken I will look for a W setup to go long.....so I´ll wait.
Always learning that´s the important thing,
I had my lesson, today, I Dont have to trust only in the setup I see!!! I have to look closer!!
What happened today:
1. Overall Trend was long,
my first trade was counter trend, based on a lightning down setup!, the setup was good, but I didn´t realize that price was supported by the White Moving Average, so there was no strenght in short!
it stopped me out!!! -$240.00,
2. Trade with the trend!
My second trade, was triggered by my favourite setup, lightning up, it was supported by the overall trend, it was a long bias trade, when the price reached my entry point, price was outside the moving averages, and supported by them,
So lesson learned.
I have made a document with my process and I will have it right in my desk prior to enter a trade!
It was a Huge day yesterday so I expected range trading today, and it was, Price dind´t opened above 94.64 nor below 92.73 so the price opened in the middle giving the clue that it would be a range market, i took my short trade after a Lightning Down Setup, for a 16 tick and 2 Contracts.
Pretty good move, the price bounced after touching my level 93.81, Divergence was present in the WoodiesCCI,
Buyers are under pressure, sellers are comming to the prices, so i came in as a seller after the price penetraded back down the 94.64 level, Opening was above this level but sellers brought the price down inside yesterdays range quickly this was a clue!.
Ok, i´m back to trading, I hope I can make my week this three days left of trading,
On CL Price is near a supply zone from the third of January, I see a possible test to this zone later in the session if buyers keep the pressure up, so I´ll wait until a signal is triggered for me.
I was able to trade in the CL, I normally wait 5-10 min after the News release,
7 minutes after the news release I got my signal, to enter the market, It was a bullish day since the open, and the data came close to expected, so the move was a regular one, moving a bit down fading the sellers just to turn and enter, go the other way around and there was where I saw my opportunity,