CL Redux

Quote from BCE:

:D My earlier scalp was short. Tempted to short it again right here. So much for the counter-trend discussion. :) Just looking at the price action.

Gets a bit unclear. Just the way they hammered it down at .30 it looked really weak and they were seliing it off. Was imagining 90.50. But then it ramped right up. Would have done better buying the bottom rather than trying to short into it. Hmmm.
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Earlier I kept positioning myself for a breakout, but no go. Had a long on a stop and reverse that just gave 20 ticks, then more b/e's and finally got a runner here into the pit open, off the 1-min chart, because price was so heavily supported all morning. Oh boy, I can see I left a lot on the table with this one...
 
Quote from NoDoji:

Earlier I kept positioning myself for a breakout, but no go. Had a long on a stop and reverse that just gave 20 ticks, then more b/e's and finally got a runner here into the pit open, off the 1-min chart, because price was so heavily supported all morning. Oh boy, I can see I left a lot on the table with this one...
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I'll have to pay more attention to "the pit open" perhaps. :) That hammer down confused me. A lot of times when that happens it's the forerunner to a new low. But not this time. Still learning this contract.
 
Well, we're obviously back above the 20 day EMA which we have been most all of the time since Friday. Interesting.

Glad I didn't foolishly ignore my own advice and try to counter-trend short this, at least earlier.
 
Quote from BCE:

I'll have to pay more attention to "the pit open" perhaps. :) That hammer down confused me. A lot of times when that happens it's the forerunner to a new low. But not this time. Still learning this contract.
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I was busy posting here and missed it, but that 9:05am ET bar (shooting star or F/U candle as my friend calls it), was a sign of a potential long play. It looks bearish and in fact it is bearish when in the direction of a trend or at an extreme after a very strong trend. But internally like that, after price has demonstrated strength and the first close above the 20 MA following a move in the opposite direction, be careful not to short it right away. Wait for a dip just a tick or two below the low of that bar to draw in the shorts, then buy a tick above the high of that bar. Either it'll be a stop run and you can get out b/e or it will fly (which it did). Al Brooks stuff there.
 
Quote from NoDoji:

I was busy posting here and missed it, but that 9:05am ET bar (shooting star or F/U candle as my friend calls it), was a sign of a potential long play. It looks bearish and in fact it is bearish when in the direction of a trend or at an extreme after a very strong trend. But internally like that, after price has demonstrated strength and the first close above the 20 MA following a move in the opposite direction, be careful not to short it right away. Wait for a dip just a tick or two below the low of that bar to draw in the shorts, then buy a tick above the high of that bar. Either it'll be a stop run and you can get out b/e or it will fly (which it did). Al Brooks stuff there.
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Thanks. :)
 
What I love about this contract is how quickly you can dig out of a hole. I start the morning down almost 30 ticks and now I'm up well over that amount.
 
if the 9:05 candle is an f/u bar then the 9:21 candle is call a f/m bar. I'm adding short where I got stopped out of one yesterday, well 1 tick from there 92.075
 
Quote from riskaddict:

I'm adding short where I got stopped out of one yesterday, well 1 tick from there 92.075
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Wait i don't want that, that was an anger trade close one at 92.225 looking to add 3 at r1
 
Lost my internet connection again right before the open. Had to reboot. Sheesh! It was fine all morning. Got to be a conspiracy. :)
 
Quote from riskaddict:

if the 9:05 candle is an f/u bar then the 9:21 candle is call a f/m bar. I'm adding short where I got stopped out of one yesterday, well 1 tick from there 92.075
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9:21 on the 3-min chart? My friend calls that one the "up yours" candle :p

I took that candle long, BTW. Got slipped a tick on the entry, but who cares after that move??
 
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