CL Redux

Quote from BCE:

BTW I'm short @105.32. Going to let it ride and see what happens.
More...
Best laid plans of mice and men. :)

I thought we might be overbought and there might be a bigger pullback. Like maybe a point and a half to 104 or so. But it obviously found support again around 104.70.

If you're doing a counter trend trade against a strong trend, that may be okay. But if you're up $700 you better take it before it reverses and resumes the trend. :) It's cool. Exited b/e. I just let it go actually and was doing some other work. The patience thing works as long as the trend is in your favor or there's a clear reversal and all of the market realities are lined up with you. And today that's not the case.

What caused that breakout? Anything new? Don't try to mess with CL and cut her short. She gets mad and shows you who's who. Chuckles. :)
 
Quote from BCE:

What caused that breakout? Anything new? Don't try to mess with CL and cut her short. She gets mad and shows you who's who. Chuckles. :)
More...

It was a standard trend line breakout, draw the UTL on the 5-min chart - 9:00 high across 11:30 high (EST). When it gapped up through the TL, I just hit the buy button, quite a few ticks away from where a nice clean pullback entry would've been, but heck there was that measured move target waiting on the daily chart:

Quote from NoDoji:

So if I was swing trading, I'd be long and looking for a minimum profit target of at least a measured move equal to the range of the last run up prior to the bull flag formation, which takes us to around 106.62.
More...
 
Quote from NoDoji:

It was a standard trend line breakout, draw the UTL on the 5-min chart - 9:00 high across 11:30 high (EST). When it gapped up through the TL, I just hit the buy button, quite a few ticks away from where a nice clean pullback entry would've been, but heck there was that measured move target waiting on the daily chart:
More...
Unfortunately I was off doing other things. Oh, well. :)
 
Quote from BCE:

As bullish as the overall market's been, if crude keeps climbing that will put pressure on the indices. See what happens.
More...
This may be kicking in now.

ADD: Also if you've been around for a while you know that the 1000 level markers on the Dow almost always provides an initial ceiling which it hits and retreats from or bounces off of when it's selling off.
 
You must log in or register to reply here.
Back
Top