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Catching Big Waves - a trader's journal of surfing the the markets


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Catching Big Waves - a trader's journal of surfing the the markets

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  #91 (permalink)
 GaryD 
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Closed at 86.36 That was a fast one to try to comment on.


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 GaryD 
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2nd trade closed for a 69 tick profit. Trade record for the day; two LONG trades (call me crazy), one for 71 ticks, the other for 69 ticks. 140 ticks up, no losses, calling it a fantastic day. I know myself, and this is when I could get dangerous

Monday will give some great opportunities.

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 GaryD 
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And back down it goes... When crude gets this volatile it will eat you alive. But, this is when the "surf" really kicks up and the big waves start rolling.



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 GaryD 
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We had a near direct hit on the lower line of the "zone" on the 30 minute



Plus, a near direct hit of a 618 extension of w 1-4 on the daily



Plus heavy volume support



Plus a reversal on the 9 range and the 6 range (shown earlier on the 9 and the trade entry image shows the 6)


You have to be on alert on all fronts. PRACTICE PRACTICE.

Stay safe! Enjoy the weekend!

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 GaryD 
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FYI - here's how the profit target was chosen.


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 GaryD 
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If you are interested in a MONSTER wave, crude is at an interesting point.

There are a lot of factors suggesting support in this general range. (This is a $4000.00 per contract range by the way, out of my league as my average stop is closer to $400.00. )

And, on the short side, look at the ABC formation if this zone breaks.

Over the next few days/weeks it could set up to be something that fits my comfort zone. The way I am going to be playing this is watching for signals on lower timeframes to ride in and out of a possible major trend. Always remember, any market can and will go wherever it wants to.






Unless you are a fundamentalist...

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 GaryD 
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This area around 82.20-82.50 has a long history (shown below on the daily) of being a support/rsistance area.




And based on the volume in this area, crude oil traders are still interested.


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 GaryD 
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I don't typically watch the S&P, but I do if there is major movement. I have not traded it for over a year, don't like the motion, but right now there are 4 zones below the market that are strong candidates for at least short term support. Crude has a tendency to follow the S&P in times of high volatility in the S&P.


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 GaryD 
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The S&P is at the first one now, and has shown support multiple times on the 10 minute


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 GaryD 
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I am wanting to short crude, but the divergence on the 93 minute is holding me off. Today may be a no trade day. Crude as local resistance around 84.80, but also has a stop loss powder keg around 85.


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