Where Have All the Bulls Gone?

[MichelGJulien 10]

The crude oil market was really unidirectional today, providing very little opportunities to enter short if you weren't already before the open of the pit. In the trading room, we missed one of the only interesting set ups to go short during the session by 2 miserable ticks. I needed those 2 ticks to get what I call my 2nd confirmation criteria but, unfortunately, I didn't get them. The rules are the rules and as a trader you live and die by them. Too bad because it would have been a very profitable trade because the market tanked right after that. Needless to say that we weren't given a second chance to enter short in a safe way for the rest of the pit session otherwise i would have jumped on it. Therefore, no trade to report today.

 

The market opened at 94.17, i.e. barely within yesterday's range but outside of the value area. The closest gap still unfilled (FYI, we are now up to 6 gaps unfilled to the upside) was standing above at 94.69 and was not approached at all today. The initial balance 10-day average was lower for a 10th consecutive day today reflecting a steadily diminishing volatility as well as volume for that period. Even if I think that the downtrend is probably not over yet, for tomorrow I expect a bounce up towards 95 and possibly as high as 96. The DOE numbers (at 10:30 am) are expected to be a bit more positive for crude than they were lately, so that could help. Nevertheless, bulls have a couple of big obstacles to overcome if they wish to accomplish a rally before the end of the week (see chart).

 

[BlueHorseshoe 10]

In the trading room, we missed one of the only interesting set ups to go short during the session by 2 miserable ticks.

 

Hi Michel,

 

For your posts to have much relevance to TL readers you'll probably need to give more information about what you're doing and why. This needn't be real-time (that's what your room is for), but other than that you were long twice and short once today, nobody can really see how you're trading.

 

Unless you do this your posts are just going to appear as adverts for your fee services, and that will tend to attract unpleasantness from people.

 

Hope that's helpful,

 

BlueHorseshoe

[Guest epic research]

Even I wonder sometimes that where is the bull that represents stock market gone sudden.