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Catching Big Waves - a trader's journal of surfing the the markets
Back in another hotel, this time in Houston, I am looking at crude at a price of 99.50. On Thursday night I sold at 99.50, and now on Sunday, if I had to choose a direction right this moment, I would buy at 99.50. It seems insane, but price does not matter. Position matters. Chart pattern matters. Previous waves matter.
I have a friend who recently said to me, "If crude gets down to 96.00, buy me one contract and hold it". I asked how he knew 96.00, and he mentioned something about Iran. I said, "Forget the price, if you want to buy, let's find support first."
On a large scale, crude has now pulled back to the prior 618 and found immense support. I would LOVE to see it retest that area and then give a reversal. Why? Because then it would have told me where to buy.
Right now, at 99.50, I believe higher prices are in the future, but the support is so far below... But IF it gets back to a good area, we will buy, and we will hold
Wanted to say thx with a bit more "umph" than the thanks button...
Continue to enjoy hearing/reading your thoughts.
Thank you for taking the time to express them here.
If I may these are just as observations from my own perspective,
on some of what you've said.
For me "zen" is about BE_ing.
We all know we are alive, but to know life, to know the moment ?
That imo is not about taking out the noise, but the ability to be at peace within it.
I think I may come across like some know it all sometimes.
I don't mean to, and I'm not.
Just that in this space of both opportunity and risk, as you've described, our relationships, as with any, are at their most productive and satisfying, when we come to them from our own nature.
Our struggles, imo, mostly are about finding that true nature from which we are then able to come.
Who is the I that is meeting this moment ?
Our awareness of either one is the realization that they are one of the same.
Sometimes knowing where we've come from helps us in where we are going.
Other times just knowing who we are helps us in knowing that we are already here, now, we are the moment.
Perhaps nothing else exists but this present moment ? !
I recall a saying:
"we must empty what is full
and fill what is empty"
Another phrase I recall, from the film "Let It Ride".....and ain't that serendipitous in view of your thoughts on holding..lol
"you could be walking around lucky and not even know it".
It's easy, I think, to over look our progress.
Similarly, it's easy to limit ourselves.
It can be confusing when we reach that line.
Is it a floor or a ceiling ?
We face, ironically, imo, our own support or resistance and a challenge perhaps between opportunity and risk.
Can we risk what we already know, other than to lose what we no longer need ?
(the freedom in letting go)
And of the opportunity ?
Another level ?
Another space in which to BE alive ?
Perhaps both as a way of growing in peace in amongst what we may even later learn as just more noise ?
Nature is true, yes, and it is ours it is us, but it always grows from something towards something.
Rhetorical questions...and just my ramblings..."and the beat goes on, la di da di da"
I am finally back home after what felt like the business edition of The Amazing Race. Orlando to DC, to Fredericksburg VA, back to DC, to Denver CO, to Houston TX, to Orlando, in 7 days. Worked every day of it at least 10 hours, plus travel time, plus attempting to keep up with the daily fluctuations of crude.
This is also the first time in that period that I have had multiple and full-sized monitors. My current chart analysis looks like a trainwreck and could use some cleaning up to make it useful. But at first glance, crude is bullish, for the moment. On a 360 minute view, the major lines in the sand cover an 850 tick spread between 95.50 and 104.00. and second tier major defenses are set up at 97.50 and 102.00.
Not sure if I will trade tomorrow or just watch, but looking forward to it either way.
GaryD
Orlando, Florida
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011
Sorry we missed that one "M", I did not like the trade without being able to watch it. Had it double bottomed as I wished, the trade could have been entered and walked away from for a few hours or more.
The correct direction was "up" from 99.50 (and from 96.00).
There are plenty of opportunities coming. Patience wins this game.