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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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  #2111 (permalink)
 josh 
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Deucalion View Post
The CL is a puppy (does that not look like the CL is following ES like a slave?). Only difference is that ES actually looks much more symmetrical. The ES (when it has decent volume) is a joy to trade, lovely structure and it rewards the patient and the contextual. The CL, exciting, is also schizophrenic....

That's a good way to describe it. "Hot potato" comes to mind with the way CL jumps around. I traded CL exclusively for a while, and have been on ES only since last October. They are both nice, just that CL is so darn thin in comparison, my eyes had not watched CL on level 2 since last year and it was quite a refresher on why it's such a volatile instrument.

ES is most definitely a joy; if all days could be like today, I would be in heaven every day. Just absolutely beautiful movement, good range, well behaved, nothing too crazy. Earlier this year with the 8-10 range days it was more difficult. But I'll take a small range well behaved day any time rather than some of the loony volatility that we had last year.


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  #2112 (permalink)
 GaryD 
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On the long side there is now a local triple bottom in place, and CL has yet to make any impressive retracement to it's $11 descent.

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  #2113 (permalink)
 GaryD 
Orlando, Florida
 
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josh View Post
That's a good way to describe it. "Hot potato" comes to mind with the way CL jumps around. I traded CL exclusively for a while, and have been on ES only since last October. They are both nice, just that CL is so darn thin in comparison, my eyes had not watched CL on level 2 since last year and it was quite a refresher on why it's such a volatile instrument.

ES is most definitely a joy; if all days could be like today, I would be in heaven every day. Just absolutely beautiful movement, good range, well behaved, nothing too crazy. Earlier this year with the 8-10 range days it was more difficult. But I'll take a small range well behaved day any time rather than some of the loony volatility that we had last year.

I like CL's power and fluid motion. ES is a back and forth movement, CL's version is more consolidate, explode, consolidate, explode.

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  #2114 (permalink)
 Deucalion 
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I expect them to explode the price to 98.50 - 99 in the overnight tonight while we all sleep


 
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  #2115 (permalink)
 GaryD 
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  #2116 (permalink)
 researcher247 
Chicago, IL
 
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GaryD View Post

------------------
Hola Gary,

Monthly turn was in March '12.

I'll split the difference with you; I am hearing now that 1st target for CL {from larger swingtraders} is 88.00

Partial profit taking should begin in that area {if this continuing forecast(s)} continues to play out.

I wrote the following on May 4th; nothing changed my mind this week as CL sh*t into the end of the week within .50cents of the recent low.

"That monthly (long term) swing low above $95.00 could come into play in the next 10 trading days. Lower mid 90's would be something significant (s/r).

It is working so far. Swingtrading requires a different skill set than daytrading--I recommend it to round out one's
toolkit."
---------------------
Peace

Hedvig

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  #2117 (permalink)
 GaryD 
Orlando, Florida
 
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researcher247 View Post
------------------
Hola Gary,

Monthly turn was in March '12.

I'll split the difference with you; I am hearing now that 1st target for CL {from larger swingtraders} is 88.00

Partial profit taking should begin in that area {if this continuing forecast(s)} continues to play out.

I wrote the following on May 4th; nothing changed my mind this week as CL sh*t into the end of the week within .50cents of the recent low.

"That monthly (long term) swing low above $95.00 could come into play in the next 10 trading days. Lower mid 90's would be something significant (s/r).

It is working so far. Swingtrading requires a different skill set than daytrading--I recommend it to round out one's
toolkit."
---------------------
Peace

Hedvig

Your timing on topics is uncanny. I just moved money this week for a swing campaign. I have taken a few, but I am now allocating funds to strictly swings. Same account, different balance now, separated mentally. I expect to stake out zones, enter as a scalp, but hold for days to weeks. Monday will be day one of being in watch mode.

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  #2118 (permalink)
 GaryD 
Orlando, Florida
 
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researcher247 View Post
------------------
Hola Gary,

Monthly turn was in March '12.

I'll split the difference with you; I am hearing now that 1st target for CL {from larger swingtraders} is 88.00

Partial profit taking should begin in that area {if this continuing forecast(s)} continues to play out.

I wrote the following on May 4th; nothing changed my mind this week as CL sh*t into the end of the week within .50cents of the recent low.

"That monthly (long term) swing low above $95.00 could come into play in the next 10 trading days. Lower mid 90's would be something significant (s/r).

It is working so far. Swingtrading requires a different skill set than daytrading--I recommend it to round out one's
toolkit."
---------------------
Peace

Hedvig

Yes, I am watching for the 101-102 area swing low.


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  #2119 (permalink)
 greenr 
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GaryD View Post
Yes, I am watching for the 101-102 area swing low.


I love how you analyze these markets, the way you use fibs and extensions crazy Gary :sos:

Very fascinating where did you learn this, through observation?

good work

" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
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  #2120 (permalink)
 GaryD 
Orlando, Florida
 
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Still intrigued by this descending triangle. Buyers have tried over and over and cannot get any strength to the move up. The 96 area is/was a potential correction target for a return to the upside, and that is what I think is holding price here (that and the S&P, which makes no sense to me right now but not going to fight it).

I had 92-92.50 as a strong support earlier, but now have backed off some and re-colored a lesser strength. I still feel it is worthy of at least a bounce is price gets there, but not as convinced as I was a few days ago, and today seeing 87 as a new area of interest. I know @researcher247 mentioned 88, but I can't find anything from my abilities that doesn't start with an 87 in that region.

I added a resistance point around 99-50 - 100.00, felling like that 100 level will carry psychological S/R, and not sure what I think of it yet so the magenta color has no meaning to me other than "watch". A break above 100 would probably bring out some buying.

But if I had to take a trade today and close my eyes for the week, I would focus on that triangle, above or below. Buy 97.70 maybe, sell 95.20? Either end is looking a little tired. Sunday overnight could change it all though.

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