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Well, the bulls didn't push through the ONH, but I didn't think there's gonna be this huge selling action. I said it'll go back below 93, but I gave this action 2-3 days.
So, after the selling frenzy broke out, the areas didn't work anymore, the crude just cut through them like hot knife in the butter.
I expected the 91.3-91.76 zone to hold, well, it didn't, but most of the overnight trading happened here.
Overnight the crude managed to get back to the 91.18-91.75 area. I think there’s gonna be a correction after yesterday’s dropping, but I’m cautious on the long side. Middle term I’m still bearish.
After the open, the crude was weak, at 10.20 it came back to the ONH-open, which served as a strong support. However, with the inventories report at 10.30, the bulls came in. As I wrote, I was cautious on the long side, which was a good decision: after 12:15 the bears pushed through every support, to the 90.75 close.
I’d be strongly bearish, if the crude was around 90, but overnight, after moving in yesterday’s last support area, it broke down to 88.18.
I’m still bearish, looking for bearish setups, but the last 3 day’s drop was significant, and the crude is way below the VolProf (all). Not exactly waiting for a correction, but cautious because the possibility of it.
The areas for today:
94.43-94.59
94.04-94.20
93.45-93.65
92.71-93.26
91.90-92.10
91.20-91.75
90.71-90.91
..and these three is pretty unstable, I’d say 88.6-89.75 was a great big acceptance area overnight:
89.60-89.75
89.10-89.30
88.62-88.90
As I wrote before, I looked for setups on the short side. The results:
Trade 1:
Time: 10:29
Sell 5 @ 90.44
Buy 5 @ 90.34 P&L w. commissions: 476.8
After a good strech there was a stop in the movement, right at the lower line of a channel. I counted ont he bears, they came
Trade 2:
Time: 10:43
Sell 5 @ 90.57
Buy 5 @ 90.58
P&L w. commissions: -73.2
A strech again, with decreasing power from the bulls. It bounced back from 90.5.
P&L for the day: 403.6
P&L for the month: 403.6
P&L from 09.24: 668.8
If you like my journal, please help me win the journal contest. All you have to do is push a ’Thanks’ on the #14 post (daddy) on this link:
Today the predefined areas served pretty well.
The crude started from the 89.10-89.30 area, then bouncing below 89.60-89.75, then, after it broke through the 89.8 pivot, it started to bounce between 89.60-89.75 and 90.71-90.91. At the end of the day, it went through 90.71-90.91, prev. close and ONH as well, and closed at the ONH.
Definitely it was a correction day
Can’t wait till the overnight session!
I looked for setups on the short side, but the pull of the bears was slow and steady. Not my favourite environment, so I’m done for today. No trades this time.
