CL Redux

In hindsight yes. According to my ACD reading, yesterday we had a late day C down, and today after London opening range a failed A up (to the tick for me) and a confirmed A down which might helped you holding it (in hindsight). Nice trade anyway.
I was watching the C down yesterday and the pull back to it, but already finished for the day and did not put on a position. Next time.
 
There are what appear to be signs of selling exhaustion, but they are at every turn, including this one. Exhaustion only works in a "normal" environment, and this seems to be capitulation. I do not yet see real buyer strength, and without that no amount of exhaustion will provide a good identifiable (for me anyway) turning point.
 
Once again it's demonstrated (thanks NoDoji) that trying to pick the bottom in an environment of an ultra strong down trend only serves to feed the bears. The bears NEED bulls to buy to add more shorts to the down side when they have to bail, like they just did here.
 
Quote from JoshDance:

Once again it's demonstrated (thanks NoDoji) that trying to pick the bottom in an environment of an ultra strong down trend only serves to feed the bears. The bears NEED bulls to buy to add more shorts to the down side when they have to bail, like they just did here.
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We had a late day C down yesterday. Mark Fisher once in a blue moon trade. He recommends holding overnight late day C down or C up positions.
 
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