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Catching Big Waves - a trader's journal of surfing the the markets
Very unusual Sunday with the major gap open higher and subsequent falloff. Sold CL at 85.18 for a few ticks, considered buying 6E at a major volume stop around 126.80 but passed. Finishing up slightly, 31 ticks. Had anticipated a more responsive market but the movement was down and the conditionswere not something I was comfortable with.
New Democracy party came out ahead in the Greek elections, but there are still questions to be answered
Oil is still acting far weaker than the euro or the S&P, and almost feels like it wants to let go of the tie between them.
My thoughts of shorting CL last night were a lot more on target than they felt. I shorted at 85.18 and then dropped it, feeling nervous about the light volume and the european session to come. But I kept feeling like CL was weaker overall, yet had nothing on the charts to real prove it.
The overnight move is enough for me to erase all prior chart analysis and start over this morning.
Without drawing a line, this move has the appearance of possibly conforming to a minor 5 wave CORRECTIVE move, with the symmetry fiting the boundaries of a w4, but the overall weakness now has me leaning towards the short side today. Of course, CL could prove to be range bound.
I am going to wait until I reconstruct SR levels and see how the euro and 6E respond. The notice I received on Fruday from the broker requiring additional margin on certain instruments has me looking to hold longer, but also more cautious on a decision.
