CL Redux

Thursday we had CL big spike midday on on Particular NEWS .

In the hindsight here is my guess , the big OIL Hedge traders got some preliminary data of Friday 'Consumer Sales' Data Thursday itself , I guess that could be that spike on midday Thursday ..

As we saw good Consumer Sales data on Friday

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10-13-11 10:52 AM

Quote from hetanos:

Hi guys. Anything special happened at 13:28-13:31? It moved up 150+ points in 3 minutes.


no news I can see
 
Quote from NoDoji:

I spend significant time providing detailed answers to questions and offering one-on-one Skype sessions to answer questions and discuss strategies. I’ve done this with around 20 ET members and asked for nothing in return, because with a consistently profitable trading system, there’s nothing I need in return.

Something I do need, though, is time to pursue several projects that have been on the back burner during my years of learning to trade.

On that note, I’ll let my not-quite-7000th post be my last.
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Quote from NoDoji:

I truly believed I would not post again on this forum, but
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Quote from NoDoji:

Because you are so earnest in your plea, you have compelled me to come out of hiding for a rare appearance to provide an explanation
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Quote from NoDoji:

You never know if breakouts will fail or not, or if they occur because of news (by the time us low life retail traders know the news, price is far away), but by using TA/PA to get positioned properly, every now and then you're part of a move like that, which is a good reason to use soft profit targets on breakout trades (breaks of high/low of the day, breaks of narrow range consolidation, and triangle/channel breaks). Sure, sometimes the breakout fails and you exit with $0, but when the breakout is strong, you're not left looking at 20-30 ticks of profit while price keeps running.
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How predictable, more final appearances than Cher.

I see we're back to talking guru with the textbook stuff: buying breakouts, "impossible to know" what the market will do (but trade it anyway), the why of the movements (uneducated guessing, speculation on news etc).

Here is the bottom line: the "why" does not matter, it is only the how. Seven thousand posts tells us all we need to know. If I had to guess, you've been quiet trading for a few months but have blown up again and are back here to feed your gigantic ego.

Folks, not that difficult to regurgitate textbook stuff is it, but if it worked everyone would be making money in the market which is of course impossible. Forget listening to gurus in desperate need of adulation from those who know even less than they do, and find your own path. On a related point, it isn't very logical to come on here and ask the "reason" the market moved or anything to do with "news". And trendlines / moving averages? Please. Think about it.

Hey, its a free world. If you want to spend time here doing what you do, fine. It is up to others if they listen to you - a bit of self responsibility would be welcome - however you lead others on a dangerous path by having them follow you instead of following themselves.
 
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