WEEKLY VIEW of Crude. We have been hearing a lot of predictions about crude and we have even stated that we like the upside...but if you take a close look at the weekly chart it illustrates how crude tested each side of it's range and then closed in the middle for 5 straight weeks. Lots of indecision. The weekly pattern screams more upside but the indecision of the last 5 weeks suggests it's a coin flip. We will wait for the pattern to resolve itself and then trade in that direction.
I agree we are in trading pattern. As I said on twitter, I went short at 4688 today, hope to hold until reaching short-term target of 45.28; also said buying to close half position at 45.80 was reasonable. I'm waiting to see that market will do. I'm assuming CL will not break above 47.20 for next few days if at all mid-term.
OffTheFloorTrader
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So far so good on the crude for you. Remember we have the petroleum report on Wednesday. Could get volatile.
CoolCreekCTA
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Wow, bog move today. Sold 2 CLs yesterday at 4688. Bot 1 at 4580 and got stopped out of 2nd at 4660. The only thing I didn't do was stick to plan and reverse long at 4720. Instead I shorted 1 at 4733 and got stopped out at 4755. on to the next trade. Thinking we might get to 4915 tomorrow pre- inventory report. a bad report could send us back down. Should be an interesting day.
OffTheFloorTrader
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Not bad management on the first trade. We call those good stops. We are buy every pullback or pause. We agree...4915 is on the radar screen. The beast woke up.
CoolCreekCTA
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we were 1/2 right, it went higher but passed 4915 and tested Aug high of 4963 by a few ticks then reversed lower. Got a quick scalp on the way down but I'm flat since yesterday. I have order to short above 49, not sure we can get there. Is the buying momentum exhausted?
OffTheFloorTrader
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True...We feel as long as price stays above the 47.75 area we will see more upside. Our stops are below that but will cut it loose if we break it with momentum.
CoolCreekCTA
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OK, thanks, guess we'll see what happens. BTW, I'm starting to turn bearish on gold. No trades there yet. I'll look for your chart to compare to what I'm using.
CoolCreekCTA
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Im now short at 4901, lets c what happens
OffTheFloorTrader
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Be careful...If they take out the highs it could pop. Good luck!