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As of now Hype-2 is in play for oil and price is getting accepted at these levels but I feel it still have lot of room to go down and with Qatar tension in middle east it looks risky to catch a falling knife...will have to wait and see how this plays out.
Next real support I will be looking at is yearly low for a swing on QM.
Can you help answer these questions from other members on NexusFi?
Bought a Jul/Aug VIX futures calendar spread for 0.85. I am learning this so don't ask me more questions as I don't know. I might explore this option on CL too.
Price rejected 46.12 and now in search of new value, I belive if price can stay above 45.50 area then it's a decent chance of long but my expectation is it will go down so not going to rush into trades.
Long - 44.60 to 44.50 for reversal or If price can stay above 45.50.
Short - Too oversold to consider shorts
Hypo - 2
Levels to buy at 44.05 and 42.50 with 30 tick stop on QM for a swing
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ES
Weekly - UP
Daily - Flat, reaching upper bound
News - UK election and Comey testimony
Bought one QM at 45.70, I would be wrong if price stays and develops below 45.50... This is what my issue is should I put hard stop or how should I proceed?
Edit: I guess I should get rid of oil from my trading...stop at BE now, not at all confident only thing letting me to hold this long is order flow on CD. I really hope if this stays above 46 then we might have good upside move.
Edit: Closed QM long, kind of frustrated with this.
Edit: Closed VXN7, It can go up but common sense dictates that if VIX is up 15% from low take it off (Wow! maybe not)...might close TF short too.
Price stayed above last two days VA/VAH which shows the strength
Long - 46.05 area after watching order flow as indices are looking weak
Short - If price develops below 46 try to stay short with tight stops for 44.05 or 47.20 area
Last Trade
QM- Out at 45.82 from 45.60
Current Trades
None
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IWM
Weekly - UP
Daily - UP/reversal
Hypo - 1
Priced touched ATH and reversed based on NQ weakness on HIGH volume so thought small caps will be better to short than ES or NQ but somehow Russel show strength today I am expecting Russel to show weakness. In coming days I expect IWM to reach 139.17.
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Last Trades - None
Current Trades
Short TF for a swing
Edit: Kicking myself in the back for not taking when I had 17 points on that Russell short. My thesis is kind of falling apart about small caps, will give it some time to decide.
Daily - Flat - Third bear flag developing
Price is ranging between MVPOC (45.95) and 46.70 but it has to resolve in one direction if not today definetly tomorrow after the report.
BIAS - Be flexible both ways with 46.30 as key level.
Hypo - 1
Price goes to extremes and reverses
Hypo - 2
Price stays above/below 46.30 and continues higher/lower
Last Trade
QM- Out at 45.82 from 45.60
Current Trades
None
------------------
IWM- CONTEXT
News - Sessions testimony
Weekly Trend - UP
Daily - Flat to UP
Price is at MVPOC at 141.37
BIAS - Be flexible both ways with 141.37 as key level.
Hypo - 1
Price goes to extremes and reverses
Hypo - 2
Price stays above/below 141.37 and continues higher/lower
Damn it after preparing my daily I slept again...anyway, I was not confident with my setups either so not going to worry about it much...I will analyze how Sessions testimony will impact market today at 1:30.
In CL long looks fine as long it hold 45.60 area as OTF players not there yet to smack it down.
Edit: That was fast on CL, I didn't took the trade as I was concentrating something at work but glad that I got my read correct...Any news?