CL Redux

Down leg seems to have found a reasonable conclusion .. let's see if this is real demand that can push it through up to new highs... wow it's 1:30 already, not much time left.

Where is everyone today by the way?

Mac, to your question about low volume, who knows, but it perhaps is just "back to normal" after two weeks of insanity, and everyone is taking a breather.
 
Quote from DonCorleone:

slow choppy arse day
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From the open to 10:30 it was a nice trending day! :D After that it has been up and down, but the bias has been to the upside the whole day. Will have to see if we get continuation up, or a late day selloff to 86.40 or lower.
 
Quote from JoshDance:

I'm simming a longer-term trade here. Long .05, stop .63, target 88.71, the 100% extension of the move (beginning 85.15) ... let's see how patient I can be here.
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Well, I'm still long .05, and certainly seeing the price movement more clearly than if I were in and out of every trade every 2 minutes like I sometimes get around this time of day.

Bias is still clearly long, but we may have a test for demand down to 86.40ish, and that has me a bit worried. VWAP is also 86.53 at the moment and was tagged at 11:30, and sometimes likes to attract price to it more than once in this type of situation where the momentum has died down from earlier in the day.

The quality of my entry is not really competitive enough to be "good", it's simply in the right direction for the day. A better entry would have been long at .90 or .80 at 1:12 and 1:24, back into the consolidation area. Either way, I'll hold onto this for fun and for patience.

EDIT: As we are approaching 2pm, I will monitor how we act around 87.40.. if we can get above that pretty easily, I'll just hold, otherwise I may move stop to .09, and join a downside move if it shows strength.
 
Quote from JoshDance:

Well, I'm still long .05
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Direction still clearly up and no reason to short, but I exited the trade at .65, given the time of day and that if I were trading this trade with real money, I don't think I'd want to hold through globex.
 
Quote from JoshDance:

Direction still clearly up and no reason to short
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Yet, I shorted when I closed the trade. Now at 88.05, 10 more minutes of patience would have yielded another potential 50%. I held through a 30 tick gain, a 30 tick drawdown, and when I had the chance to get 60 I took it-- it's harder for me to sit through profits dwindling than it is to sit through a trade where I'm negative.
 
Quote from DonCorleone:

nice day for you JD. congrats. yeah, i woke up a little late and missed that early up move. oh well. can't win 'em all i suppose.
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Thanks DC, but I'd say you did well enough last week to give yourself a little break on that ;-)
 
Last 4 days have been relatively bullish, especially today, and each on progressively lower volume. If I were long, I'd keep a very close eye on things and keep my stop tight.
 
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