Wednesday, May 22, 2013



The 2nd zone held overnight and produced a strong reversal, shown by the 120m candle and the ETH VWAP, but CL looks like it will open out of balance, which has me on guard for any possibility. There is still 30 minutes or so before the regular open, and if oil tried to leave yesterday's range to the upside today I would not fade it. The same holds true for a downward move, with the exception that down has been the path of greater resistance recently and could see some higher volatility going that direction.

Big news of EIA and FOMC always makes an interesting combination.

My trader friends, if you have a moment, take a look at this post. Thanks.

Oil Trading Academy www.oiltradingacademy.com review Anyone heard of them or feedback about them. www.oiltradingacademy.com (

TUT of the day;


"Behind your greatest fear, Gary, lies your greatest gift."

I will never freight train this type of move, but the strongest zone I see today is here.

Shorted the open, flat and watching to buy

IB period is very wide, could provide stable base

Not that I will not sell a move back up, but as far as a possible stopping point for continuation to the downside. 45 ticks banked, going to watch to see how this price is receievd.

GaryD 

Wednesday, May 22, 2013 ... The same holds true for a downward move, with the exception that down has been the path of greater resistance recently and could see some higher volatility going that direction.

Wow. I expected buying, but not like that. Crude never does get boring. Wow...

I am out of my league today with crude. gave back the morning's gains and currently down 28 ticks. Very high volatility is requiring wider stops than usual, and the market is overshooting key reference points one after another. I am done for now. May watch the close, but when I am not in tune it is better to wait.





One thing I have seen over the years is a tendency to want to take a trade just to get back what I lost. That is not a trade setup, it is revenge trading. It can even cause me to find a setup that may not be there in today's whippy environment, because I "want" there to be a good trade.

I am looking to possibly buy 94.70-75-80, but that is all I see at the moment.

GaryD 

I am looking to possibly buy 94.70-75-80, but that is all I see at the moment.

2/3 off, stop tightened. Back in the green for the day. Patience paid off. Almost trading like a professional today lol!