Feb. 15, 2012, 9:30 a.m. EST Oil higher on fears of supply disruption, Iran
SAN FRANCISCO (MarketWatch) -- Crude-oil futures traded higher Wednesday as fears of supply disruption dominated after Iran reportedly cut oil supplies to several European countries. Oil for March delivery (NMN:CL2H) rose 98 cents, or 1%, to trade at $101.73 a barrel on the New York Mercantile Exchange. Iran's cuts comes in retaliation to an embargo the European Union approved last month, when the EU said it would forgo Iranian crude by July.
You maybe right............Even though I have gotten out of my swing trade on QM based on that 240M 102 target, I think I have made a mistake...because that daily is not breaking...and that inverted HNS is still there!! whose target remains....106 - 108ish....
I may have to re-enter another long on QM based on that.....I would have to see that wave zone on the 240M violated to the upside and then come back to retest to be long though.
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The following user says Thank You to Deucalion for this post:
Yes, to be at peace with the noise could be one of the most important factors in maximizing potential. I think what my issue has been lately is I am not at peace in general. I am tired, rushed, limited, not at home, on a tiny monitor, etc.
I had not considered it that way, but I will try to look in that direction. That may be as simple as my last comment, that my "nature" is to be relaxed when I am home and have plenty of time, and not relaxed when I am not.
It depends on my state of mind, which is currently being affected by my outside obligations.
That is actually something I am very aware of. I comment to myself regularly that my analysis is better than my trading, and what I think that really means is I trust myself for a certain distance, but no further. Knowing when to hold and when to fold is probably a lifelong struggle though.
That one caught my attention, but I can't really say I digested it. I've repeated it several times, and tried to place mine, but maybe my definition is what is throwing me. I should probably think of those zones as holding rather than giving way and I would be on the right track of your comment. But, I don't like to channel trade, and so see SR zones as places to be aware and see what happens.
No, but knowing exactly how to surgically separate the good from the bad is possibly a task more difficult than trading itself.
Thanks for the comments.
The following user says Thank You to GaryD for this post:
Yes, your zone was drawn a little higher than mine, but the LSP zone extended to 102.82 (which really makes resistance as I see it 102.00 to 102.85), and price stayed below that. If crude gets above this zone I'd like to go with it, but until it does I am keeping watch of it. and decided to color it red for myself until then.
I'm not sure what to think of the potential shortage issues right now, and am trying not to have an opinion, but, I realize that could generate a big push at any moment, and that alone is going to keep the shorts a little jumpy and vulnerable. One reason I stayed out the rest of today.