CL Redux
- Thread starter schizo
- Start date
GM all. Looks like the dollar is approaching possible hourly EMA support-
http://content.screencast.com/users...21-9cee-7bdac5f16f80/2011-06-17_DX_Hourly.png
And Euro sitting at hourly EMA resistance-
http://content.screencast.com/users...2f-b529-0839a0c0a1f2/2011-06-17_6E_HOURLY.png
http://content.screencast.com/users...21-9cee-7bdac5f16f80/2011-06-17_DX_Hourly.png
And Euro sitting at hourly EMA resistance-
http://content.screencast.com/users...2f-b529-0839a0c0a1f2/2011-06-17_6E_HOURLY.png
GM 
Mich Sentiment just came out. Always forget that one. Comes out 5 mins til the hour. Number is down as expected. Leading indicators in a couple of minutes.
http://www.briefing.com/investor/calendars/economic/2011/06/13-17/
3. 10:00a
BREAKING
May leading economic indicators up 0.8%
4. 10:00a
BREAKING
Consumer sentiment index declines to 71.8 in June
5. 10:00a
May leading economic indicators up 0.8%
6. 10:00a
Mich Sentiment just came out. Always forget that one. Comes out 5 mins til the hour. Number is down as expected. Leading indicators in a couple of minutes. http://www.briefing.com/investor/calendars/economic/2011/06/13-17/
3. 10:00a
BREAKING
May leading economic indicators up 0.8%
4. 10:00a
BREAKING
Consumer sentiment index declines to 71.8 in June
5. 10:00a
May leading economic indicators up 0.8%
6. 10:00a
A thought, meant to be useful and not to tell you how to trade. But "mental stops" on this can be dangerous as this can make very big moves in no time at all. I find it more useful to use real, hard stops and of course you need to decide where to place them in different market conditions. Then if you get stopped out you can reenter. At least that's what I do. Good luck with your trade.
ADD I thought for a second you were trading the 7-11 contract, but I see it's the 8-11 contract. None the less I still stick to my remarks. Breaking news can cause huge moves and if the stop isn't a hard stop you won't have time to check out of your position. Again, good luck to you.
I'm trading the aug contract. When i say mental stop, i'm sitting in front of a chart the entire time so there is no issue. When i say 93.70 is my mental stop, i don't put it there because it's not really the number 93.70 but rather the area that it has to break. Sometimes it can go to 93.68 and jump back up. If i have a hard stop, it'll sell my position. I'd rather watch it with my eyes and once it breaks that support clearly on the chart, i will sell, even though i may get out at 93.65, etc.