a) pullbacks with multiple timeframe confirmation {scaling in & out}
AND
b) *if it happens* MOMENTUM breakouts with higher timeframe confirmation {scaling in & out}
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I "anticipate but do not predict" to see 'bursts' of price acceleration and then defined pullbacks within that.
I anticipate very smooth price action (CL is a beautiful instrument when the freight train comes to town) until around 5am est.
peace
Hedvig
The following user says Thank You to researcher247 for this post:
I realize we may have an impulse market underway, but for me, shorting into the main support area of 92.50 - 92.62 is off limits. I am guessing there are better ways to play this with more experience, but I am locked out of a short where price sits right now.
Fair enough. All major daily stuff is coming into line recently. NQ appears to be headed for it's 200 day m.a. and 2012 triple support level. VIX is going up. Gold is looking for a bottom this week of May 14th. Euro has met 1.27 ish targets.
If we go down hard (indices) I suspect you will have SH*TLOADS of opportunity for the remainder of the week.
We have a heavy calendar beginning with Oil Inventories tomorrow and the economic reports should keep price moving; big time.
These are just my opinions and I am not looking to influence you nor anyone. We all trade our plan.
One last thing; according to some more of my esoteric work MAY is a natural volatility cycle for CL; so we are only 1/2 way through the month. I have been trading it at least 200% more and 2-3 times my normal size.
March '12 (same methodology) I was looking for and have confirmed (for my work) March '12 was a MONTHLY sell (top) signal.
My bias will continue to be short (as long as 3-6 months from March '12).
Again, that is my opinion and what I am doing.
Enjoyed your posts today regarding larger swingtrading.
Sorry to interrupt this fine trading discussion for this question, but Gary, when you highlight the zones on your chart, what tool do you use? It doesn't look like NT's rectangle, and it has major problems anyway, so I'm looking for an alternative rather than coding my own.
The market always looks the weakest before a major U turn, but it's definitely a no-buy for me right now in the equities space.... Asia looking weak and will be interesting to see how Europe behaves on open in a few hours.
