CL Redux

[NoDoji]

Quote from BCE:

Can't we interest you in a little counter-trend trading? Just think of all the money you could be making. You'll be able to pick tops and bottoms with ease. You'll know without hesitation when something's run too far.

Hey, I ain't a-scared to take a little ride back to the 20 EMA

(I see I missed another one while I was slacking off.)

 

[schizo]

There are three distinct flavors to chew on (or lines to contend with). Pretty much the same chart I posted in the past with a slight twist.

 

[NoDoji]

Quote from schizo:

There are three distinct flavors to chew on (or lines to contend with). Pretty much the same chart I posted in the past with a slight twist.

Looking a little toppy there, eh?

 

[InvestVision]

Out 87.22

Next short limit sell 87.47

Quote from InvestVision:

I guess heavy distribution going on from MMs to retail trader at this 87.70 level

Short 87.70

China 2 nd rate hike, tomorrow inventory numbers . We are set for 85 tomorrow

 

[jones247]

Is this price (87.20) the sign of a pull-back or reversal?????

I'm betting on a pullback...

 

[jones247]

I should have known, "When in Rome... - go with the TREND"!

 

[NoDoji]

Quote from jones247:

I should have known, "When in Rome... - go with the TREND"!

The trend reversed around 12:30pm ET. Definitely trade the new trend, it's the easy route

 

[InvestVision]

Hmm , did not retrace from 87.20 to 87.40 level

Seems I need to settle 87.00 level short to position for tomorrow 85 level

 

[schizo]

Or we could meander for the next few days like in August before resuming. At that time, we also hit a significant trendo.

 

[NoDoji]

Quote from InvestVision:

Hmm , did not retrace from 87.20 to 87.40 level

Seems I need to settle 87.00 level short to position for tomorrow 85 level

The move was too strong. I was looking for a bigger retrace, too, but when the PA is weaker than doo-doo, I recommend taking the position wherever it's signaled, because a strong move doesn't always pull back to a particular level. I watch the 1-min chart in a strong move.

Look at the LH's (12:55 and 12:59pm ET) after the internal twin top (87.32 at 12:48 and 12:49 ET). Short a break of 87.16, max stop @ .29, targeting a breakout of 87.08.