Friday, November 24, 2017

You really need to know what you`re doin`

CL can be the nightmare of day trading if you do not know what you are doing. It trades allover the place and it moves. Moving is good, you can not make money in any market if the market does not moves, but it certainly is not for beginners.
Today CL was in an up trend as it can be seen in the image from the left, the trend of today was a continuation from yesterday and at this point it suffers a breakdown which is a first sign of weakness on short term. Volatility was thin in the morning at the start of the session, at some point very thin just to gradually get closer to the average and a little above at some point in the afternoon.
It has been trading above the previous day high most of the day. On a longer term and a broadened view CL trades up and if it continues to go like this it might break 60 by the end of the year. Last days are mostly updays with sharp moves on the downside - which makes it so much more dangerous for daytraders.

Now of course since CL moves a lot more than ES (EP) I was having my attention with it most of the day which is why all my trades were placed in CL today.

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