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Yeah, thanks for asking. I was able to get at least 35 ticks on that trade. I was constantly checking your journal for updates, glad to know your back posting. As for me I'm still looking for my trading style, I'm currently trying price action placing long positions on LowerLows of the day and going short of Higher Highs. Whats your take on it? I was thinking of asking BigMike if he has any opinions about my strategy and hopefully will be posting a journal as well.
Can you help answer these questions from other members on NexusFi?
A lot of chop right now. Price has been swinging back and forth across both the Holt and the T3. Some traders are good at scalping the top and bottom of this channel. I am not and am going to stand aside until crude chooses a direction.
Crude is at a very interesting point, approaching the daily trendline, which could provide an excellent reward to risk ratio long trade, and that same area is now the neckline of a very well defined head & shoulders pattern, which if broken could mean continuation to the downside. The energy report is today at 10:30am EST. We will most likely see some heavy volume ahead of that, closer to the open probably, as traders try to get positioned or out for the report, then likely some more chop approaching 10:30am. At the news release many times the first spike is a fake move. Be cautious and let crude prove where it wants to go.
There are two defined zones that are going to be on my watchlist for this to be confirmation of a long, shown below on the 93 minute. I will NOT take a trade just because it gets there, assuming I can catch the bottom, but I will watch for volume that is powerful enough to stop it for me. What would be a classic crude move is to come down to Zone 2, which would mean taking out all the stops at the prior double bottom, and then reverse. Not meaning to be a prediction, but just something to watch. But, also keep in mind the short positions have likely been building, which can set the stage for an explosion to the upside if they are wrong. Any direction is probable today
We have broken zone 1, as well as the 30 min consolidation area. I am short ready, but wish it was not ahead of the EIA. Still may pass until after 10:30...
I'm out until after 10:30am. Picked up yesterday's loss with a quick scalp on 3 contracts. When the charts give such strong formations on both sides, trading can be like being caught in a washing machine. You nor I are big enough to move this market, and there are some heavy hitters on both sides right now. When this breaks it should be a good move.