Just One

Volatile session early Tuesday in crude oil. Up to CM-Roadmaps 1 and 2 above, v-turn and abrupt drop down to CM-Roadmap 1 below. Which capped the end of vertical movement for the balance of this day.

Sell signal and pre-trade measured price objective… which means we see this before the entry signal ever confirms to begin with. All mapped out ahead of time, via prior price action.

Then buy signal next and pre-trade measured price objective… which means we see this before the entry signal ever confirms to begin with. All mapped out ahead of time, via prior price action

Finally sell signal and pre-trade measured price objective… which means we see this before the entry signal ever confirms to begin with. All mapped out ahead of time, via prior price action.

Wednesday and Thursday sessions were narrow-range dead wedges. Zero valid trade signals were issued Wednesday, one long and one short Thursday that each went 30+ ticks in favor and right back.

Friday morning continued the dead-wedge but there is a day three rule in trading that any range-bound action past two days almost always blows out inside the third. I’ve watched this phenom repeat 100s of times thru all symbols in every possible market cycle. Just one of those things that is infrequent but high odds to unfold.

I slightly fractured my right forearm Sunday afternoon and spent Tue thru Fri at home. Might as well fire up the charts, right?

Worked one signal Tuesday, none Wednesday, two Thursday and one Friday. End result was +42 ticks, +2 ticks, +2 ticks, +90 ticks = +136 ticks per contract x2.

I see no need for any faster “action” than what is proven to work. Nice and relaxed entry fills, anywhere within 5 ticks of signal point is perfectly fine with -20 tick initial stops, trailed up as price advances in favor. Stress free. Nothing visibly ages or kills a trader quicker than stress.

Austin
austinp@coiledmarkets.com

 

This entry was posted in Trader Talk. Bookmark the permalink.