CL Redux

Quote from JoshDance:

Yes that :)

I was waiting for the failed BO at the top, but did not short there. I am short .72 right now, looking for a nice move to .22 -- of course it needs to break the bottom line ~ .57 or so, then .40, but we have what appears to be a very nice bear flag, this would be the push down that should take it down, if it can get there.
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I am out at .71... +1 ... after the fake up to 100 earlier, the probability, in my mind of course, is that it will break the lower channel line, but after all that consolidation, it was weak, but I did not want to close at the line only to have it break down so I just moved my stop to +1.

EDIT: I should add, after the fact, that a bear flag is most reliable after a good move down, and this big bear flag had no such prior weakness.
 
Quote from JoshDance:

I am out at .71... +1
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Hey you tried. Not sure what caused the USD to tank and that spike on the other index futures too. Must be some news.

ADD: Now the USD even rebounded.
 
Quote from BCE:

ES is HODing it. Hmmm.
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Technically ES looked ok for that move up, but not in that way--it looks news-inspired. Unfortunately I have no good news service so I'll have to just wonder.
 
Quote from JoshDance:

Technically ES looked ok for that move up, but not in that way--it looks news-inspired. Unfortunately I have no good news service so I'll have to just wonder.
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I don't have good news service either. But as NoDoji has said, the thing with news is that by the time you find out what it is it's generally too late to trade it as it's already moved things.
 
WTF :D Now the bids and asks have disappeared from my DOM. Cheers! :D

Here's that news:

# 12:49p

Obama, Boehner close to budget deal: reports
 
Too all over the place for me. Backing off.

ADD:

# 12:56p

White House says no deal reached yet on debt
# 12:54p

Boehner denies budget deal with Obama at hand
 
July 21, 2011, 12:59 p.m. EDT

Boehner, White House deny budget deal

WASHINGTON (MarketWatch) -- House Speaker John Boehner and White House press secretary Jay Carney both quickly shot down a report on The New York Times that a deal has nearly been struck to lift the debt ceiling and cut spending. In a Twitter message, Boehner called it "false" and he said the Senate should pass the Republican "cut, cap and balance" bill, while Carney said the report was "incorrect" and the situation is "fluid."
 
Talk about repulsion/extreme aversion. CL hates 100 today. :p

ADD: Is that about an octuple top? :D

I guess though 100 is an attraction/repulsion thing as it keeps going there and then fleeing. :)

Short 100 and flip @99.65 has worked well.
 
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