Plan for FOMC news.

mfbreakout 

Plan for FOMC news.

For Zakk and Alejo,

You banked Nicely on that one...
You had a another Awesome Day....

My lady Crude " On the flip side if price just keeps failing at ORH what will be the trade? " . OR is not formed by accident.

sandptrader 

You banked Nicely on that one... You had a another Awesome Day....

Traders who trade indicies like E-mini, NQ etc and like to thread a needle with all kinds of levels find it very difficult to trade commodities especially if they watch prices buzz all over their screen/dom etc. I have quite a patience but even i get tired trying to hold trades in GC, CC, KC , ZS etc. They dance to a totally different tune even though my set ups for everything more or less are the same.

I am surprised at muted sell off in GC. FOMC days are for 3-5% moves not this 1.4% move. Hopefully waterfall will continue during Globex session.

mfbreakout 

My lady Crude " On the flip side if price just keeps failing at ORH what will be the trade? " . OR is not formed by accident.

What do you see on CL as far as Price Structure ....we are below VWAP with Divergence with one Leg Down= Impulse.

If we should Break Through Trend line...we are going Down based on what i see...but i could be wrong.
I need Conformation, and the Trend line would be convincing.

Although if 82 keeps holding i want get to find out....

Decided to do a Mickey Mouse Stop out before going to bed...my Larger Chart showing we are at a Crossroads so to speak with 2 Trend lines Intercepting where current Price is...so i tightened my stop based on smaller chart, and let it take me out.
I do not sleep well holding positions over night...maybe i can get use to doing that again one day.
Anyway +24 Ticks on that.....and will try again tomorrow.
CL did move another Leg down after Breaking through Trend Line, but i am not comfortable holding over night.Last Chart shows outcome.

sandptrader 

What do you see on CL as far as Price Structure ....we are below VWAP with Divergence with one Leg Down= Impulse. If we should Break Through Trend line...we are going Down based on what i see...but i could be wrong. I need Conformation, and the Trend line would be convincing. Although if 82 keeps holding i want get to find out....

There are only 2 refrence points for me 83.20 area and 81.40 area. Price staying below 83.20 area i expect CL to rotate down. This means every time CL is in 82.70 to 83.20 area, I am shorting. Basically, I have 180 ticks range to focus on.I have not used VWAP. It will be nice if someone can share as to how they use VWAP.

High and low of DOE report days are the most important refrence points for the week. 83.20 is last week DOE high. CL can do only couple of things

1) Take out 83.20 and test higher levels.
2) Rotate down to 81.40 area. Once 81.40 or 83.20 area breaks, i look for next 150 to 200 ticks rotation area.

These are just ball park levels. 83.20 does not mean absolute level. I am short CL from 82.65 area. Covered some around 82 and holding the rest. Question always on my mind- if CL is rotating towards 81.40 area, how long it will take? What kind of bounces i should expect in between.

" There are only 2 refrence points for me 83.20 area and 81.40 area. Price staying below 83.20 area i expect CL to rotate down."

Out flat 81.35 and looking for longs.

" I am surprised at muted sell off in GC. FOMC days are for 3-5% moves not this 1.4% move. Hopefully waterfall will continue during Globex session."

GC is doing her thing.

Missed short in PL. I will not recommend these trades for most traders as most traders can not hold and endure big intra day spikes till target is hit. Volatility of Crude in front of PL, PA looks like kiddy stuff and most traders can not handle Crude volatility to begin with.