Well, that was my best guess at support, if crude was to hold... lol!
It had the very minor trendline, volume, minor confluence, time of day, etc. But I meant to get out about 10 ticks higher than I did, but it was too fast for me. Looking back at it, really no reason for the trade other than to see if I could catch the bottom. My plan was to hold through the close though.
Living in Florida and being pounded this morning, I think the effect of the hurricane was a little stronger in my mind. Not good for trading, but one entire wall of my office is glass and it is hard to ignore. I was getting calls about the Republican convention being a mess.
What is funny is after I got hit, I waited for a short entry, lost money, and then went back from the buy side the rest of the day. Once it got into the major support area and started to turn, had I not already been hit once for trying to stop the market I would have bought in heavy, but being burned once I was like a mosquito.
Ended up 29, basicaly zero after costs, took another entry and just closed it. Not sure why I do that. If my hand is on the mouse, sometimes it will just "click" without even meaning to really, just subconscious. I just hit close and pushed my chair back.
CL will need to break the major trendline, currently around 94.00. I see the Daily 5WM, but the symmetry is a little weird and that local DB bugs me, begging to complete the 120m W5. The moves down may have delivered an ABC, blowing slightly below minimum target, but a higher support zone was just below and price turned 1 tick into the 618 off 92.00.
In previous moves, the spike high that the orange trend is drawn from was not respected to the same degree as the RTH daily, which is a little higher still.
The Bugs Bunny oscillator has turned up, which always makes me laugh at myself, but that little guy is incredibly good on the 120 I have been finding out.
What has been great about futures.io (formerly BMT), is it has made the process of learning myself... fun, interactive, illuminating, cleansing, spiritual, it has been a draw just to show up and get some more info out on these pages. I love the interaction, I feel I have made so many great connections here.
I am tired tonight, and feel there is a lot to say on this topic that I coud not do justice. But I have felt this before, I am continuing to gain momentum in the feeling that ultimately the journeys are solitary. What is there to say? At times it feels as f I am trying to describe how I maintain my balance as I walk across the room. Hard to put into to words actually, and the more I think about it the less it just happens.
There is no magic formula. But there is magic in belief. If we can harness the parts that allow us to have faith in ourselves, and if that faith is based on an acceptance of reality, the end result is worthwhile. If there is no holy grail, and all we really have is ourselves and our mindsets, that is not so bad actually. There is a calm in that. It shifts the view to one where we are in complete control. Not of any particular outcome, but of the navigation of it.
The following 4 users say Thank You to GaryD for this post: