Our CM Method confirmed long-signal sequences soon after the pit-session opening bell. Recent overall trend has been down and other commodities such as soybeans have been in a straight nosedive, too. But I take the signals as they confirm, one never knows where a substantial swing turn or even trend change will occur.
Said long trade soon tipped its hand when price went right up to our CM-Roadmap 233% magnet and hard failed right there. Once price came back to the top of open range and failed back inside, statistical odds of probability from right there were tipped heavily in favor of lower continuation.
The initial long-trade sequence only progressed +40ish ticks from blended entry, not nearly enough to manage as a completed trade. I am not a frenetic tick-banger here… personal modus seeks large-range intraday and/or multi-session price moves.So that was nothing more than a scratched trade attempt as sell-signal sequences also confirmed on the way down thru.
After that, sell signal confirms made it 60+ ticks lower from blended entry but chopped its way back up in my absence. Could not be full-time in the office this morning, figured the failed-up at 233% above and subsequent short has known statistical odds to hit opposite 233% (or lower) today. Most of the time that happens, but not this instance. I took my needed break to run errands, price snapped back, +10 ticks out.
To end this range-chopped session long signals from a blended 64.72 were left to work (or not) overnight. Tomorrow is weekly inventory report at 10:30am and then Thu – Fri light volume drift ahead of weekend OPEC meeting. So I’ll wrap up the entire week’s effort tomorrow and resume again on Monday.
Four-day weekend ahead! But first things first… let open long position (stop +1 tick trailed now) do what it may, and seek next entry past 10:30am est tomorrow.
See You Inside