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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

  #91 (permalink)
 
GaryD's Avatar
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011

Closed at 86.36 That was a fast one to try to comment on.

[img]https://nexusfi.com/v/q3kqdv.jpg[/img]

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  #92 (permalink)
 
GaryD's Avatar
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011

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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  #93 (permalink)
 
GaryD's Avatar
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011


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.


[IMG]https://nexusfi.com/v/art485.jpg[/IMG]

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  #94 (permalink)
 
GaryD's Avatar
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011

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

[img]https://nexusfi.com/v/4zux5x.jpg[/img]

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

[img]https://nexusfi.com/v/fjfvw8.jpg[/img]

Plus heavy volume support

[img]https://nexusfi.com/v/a83vhk.jpg[/img]

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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  #95 (permalink)
 
GaryD's Avatar
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011

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

[img]https://nexusfi.com/v/d8zrys.jpg[/img]

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  #96 (permalink)
 
GaryD's Avatar
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011

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.


[img]https://nexusfi.com/v/jacgq4.jpg[/img]



Unless you are a fundamentalist...

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  #97 (permalink)
 
GaryD's Avatar
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011

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

[img]https://nexusfi.com/v/kh7jap.jpg[/img]


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

[img]https://nexusfi.com/v/j75ms8.jpg[/img]

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  #98 (permalink)
 
GaryD's Avatar
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011

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.

[img]https://nexusfi.com/v/uaxv6h.jpg[/img]

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  #99 (permalink)
 
GaryD's Avatar
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011

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

[img]https://nexusfi.com/v/f5sev5.jpg[/img]

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  #100 (permalink)
 
GaryD's Avatar
 GaryD 
Orlando, Florida
 
Experience: None
Platform: shoes
Trading: happy
Posts: 6,462 since May 2011


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.

[IMG]https://nexusfi.com/v/cpknzc.jpg[/IMG]

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Last Updated on May 23, 2014


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