Catching Big Waves - a trader's journal of surfing the the markets
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I tried to post this before it happened, but the market moved too fast. I was pointing out that CL was about to blow the stops shown by the red dotted line.
Once crude passed below those stops, it entered a possible buy zone (blue shaded area below the red line). There may be a strong reaction out of this hole, at least temporarily. I am hoping for a retest, possibly a push a little lower (104.30-104.50,).
What I am watching for is another high volume bar.
I am a buyer today, but that may mean I don't get to participate.
ES major trendline is all the way down arounfd 1300, so I may wind up being a spectator.
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cOn the daily, crude did pass through the intermediate trendline, and the major line suggests the lower support zones may be valid targets, so my buy may be delayed until tomorrow as well. But I am not interested in shorting a market that could have a news release at any moment and ingnite a long line of shorts.
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Crude has so far made the expected reaction at a retrace measuring 70 ticks so far. I did not buy due to the timing window, despite the reteset of the 6 range LSP. But crude has now made a 6 range reversal and has more to go on.
March 6, 2012, 10:11 a.m. EST World powers to resume talks with Iran
BOSTON (MarketWatch) -- Six of the world's most powerful nations have agreed to jointly resume talks with Iran over that nation's controversial nuclear development program, according to a European Union statement on Tuesday. EU foreign affairs adviser Catherine Ashton said that she has accepted Tehran's invitation to resume negotiations, and plans to represent the interests of the United States, the United Kingdom, France, Germany, China, and the Russian Federation at the summit. "We hope that Iran will now enter into a sustained process of constructive dialogue which will deliver real progress in resolving the international community's long-standing concerns on its nuclear program," Ashton said in a statement. The time and location of the talks have yet to be determined.
