The Market just took off, never giving a pullback to enter. Its at resistance now, so i'll watch the reaction and see how it sets up. Trend is up and the support is now at around 77.00.
In Oil The break thru resistance at 76.60 could setup a long trade if it is tested as this is now support. I'll be looking at that for a possible trade.
The es triggered a short just one tick below the resistance level. I took it but scalped out for just one tick. Its moving too slow, but it will probably roll over and break the lows.
We missed the bottom of the resistance by 2 ticks. I got short on a pattern i trade in a smaller time frame. Covered 2/3 of it at plus one point and covered the last 1/3 at plus 2 ticks. I'll attach chart later.
A follow up on those short oil trades. One way I could improve to employ a trailing stop strategy to catch some of these bigger moves in oil. I am currently working on something that will help me do this. Attached is a chart of the short trades with the follow up. The move was worth about 700.00...
Three trades in oil today. All shorts. The market came down pretty good and the trends were down. We had some bottoming action and the market moved back up to resistance. I got three triggers to short. The first was a stop out for -10 ticks. The second was just a scalp as I got stopped on 1/2 at...
Here is the short trade I did not take. It actually worked for a decent profit. Also I was correct in stating that we would go into a trading range. Although it looks like we may be breaking out of that soon.
This is setting up another short trade in Oil. I'm not taking it though as I anticipate that it may just go into a trading range. We'll see soon enough.
The short trade triggered, i'm in and out of 1/2 my position at plus 6 ticks, stop is at entry on other 1/2, my next target is just above the 76.00 at 76.12. Will post chat after trade is complete.
Small bounce off the support, i'm anticipating that it will not hold as they come down again. 76.00 area would be the next support. The long trade at support did not trigger and it may setup short soon for a move back to 76.00,
Oil update. There is some support at 76.30 which we are currently approaching on this pullback.The move may be a bit tired and the selling on this pullback will be telling depending on the volume and the depth of it. Could set up another long trade. We'll see.
Oil Busted through reistance today and then came back test it. I got a trigger to long right there at old res now support and took a long trade. Chart is attached.