In through the out door. Short covering rallies are one of the more rpredictable setups on a Friday to me. Wish I would have been focused, but my phone rang and I don't trade with any distractions.
For the sake of education, see how the ES just barely took out the prior low pivot as I mentioned may need to happen (pink line), before chasing the shorts out? I traded ES quite a bit, and what I learned has been a great benefit to reading crude. Classic ES move, cram down everyone first...
It does the same things. Stay at it, trying to trade on past knowledge and then having the market do something complelety different this time, can make building a usable experience log very tricky. Patience, tenacity, deep breaths. I thought it would happen and still missed it...
Well, not that it is over, but my rules call for a different entry area for this type of trade.
This is an after-the-fact post to show the response that occured in the "zone" that was mentioned earlier today. Being aware of multiple timeframe key levels is very important to knowing what to expect from a market.
Done for the day. Hope some traders can find something to work with in this information. Here's a hint of how to improve if you are still having issues;
It is Friday. Spend Saturday and Sunday reading trade books, writing your trading plan, drawing your SR levels on Monthly, daily and 60 minute charts, review your trades, play with your indicators until they look right, backtest for several hours, watch training videos...
You have 2 full days without market movement to digest information and strengthen your understanding of the markets. I can promise you, that's what I will be doing.
And, to all those who don't put in the practice, thanks for the money.
missed a lot of action today. especially to the downside. my fault.
at least got another decent trade for 55 ticks. on days like today, even more because it's friday, it's very likely to see short covering at the end of the session.
once again, thank you very much for your inputs and have a great weekend.
The following user says Thank You to Silvester17 for this post:
I was traveling today and did not get to see the markets until well after the close. But crude gave an interesting signal today when it hit the trendline, then reversed and bolted upward. If it breaks 90.50 strongly, 92+ could be ahead? Will not be trading without some clearer direction, or at least more clear to me. But if I had to flip a coin, "up" is winning... There would almost certainly be short stops overhead, and could be a powderkeg. The most intense moves in my experience are short covering rallies.
Is the area marked with an arrow a "Gary" type of long? I know the criteria you use is quite specific and more than just what this chart shows, but this is a good long IMO and I did not take it a few minutes ago. What do you think Gary?
