Long 98.50
CL Redux
- Thread starter schizo
- Start date
Kind of same issue, 6E and CL were going down, but ES was still way up. Kept trying to pick bottoms in 6E and CL and getting stopped out. Finally, pick the bottom. I take one scalp for a profit and get out. Watch the market, then decide to go long for a swing. As market goes up, I move my stop above BE since I want to give market room to run, if I move stop up too much, I could get stopped out and then market could go higher. I set target, and do best trade of day for over 35 ticks of profit long. I knew when market finally made bottom, it was going rally hard, and I did not want to be sitting on the sidelines as the shorts were trapped. Went from down - $ 350 to plus $ 125.00.
Thinking, about it now, I should have just waited for confirmation of my indicator once bottom was reached instead of trying to predict the bottom. Going to look over market later today to see what other mistakes I was making. Overall still feel good about turning a terrible day into a somewhat profitable day.
Thinking, about it now, I should have just waited for confirmation of my indicator once bottom was reached instead of trying to predict the bottom. Going to look over market later today to see what other mistakes I was making. Overall still feel good about turning a terrible day into a somewhat profitable day.
out 99.92
short from 100.12
edit @ 13:32 eastern: i was looking for a bearish wolve wave/rising wedge. target is around 98.50-.80 area.
edit @ 13:32 eastern: i was looking for a bearish wolve wave/rising wedge. target is around 98.50-.80 area.
I thought today would be the break out and up but its just a big turd plopping around. COme on Iran, talk some more smack and get the thing up to 150ish so I can just short a few far out QMs and not pay attention. I would like to place a buy stop to reverse and get long somewhere like 100.30 but short till then.
btw, nice trade, IV!!
stop moved to 99.81.
98.50 does look important. I would guess if we are still above 98.50 tomorrow then we break out and up as long as inventories don't have some crazy growth, the problem is it looks like they are expecting a 6 mil draw down if I'm reading that right which seems to place the bar pretty high.
