Friday, November 30, 2012

Fri. notes

Wow -- saw the  TL set up in /cl

entered  premarket short -- and caught 22 ticks on a quick drop back to the TL.  Great read.

Pushing even lower too.

/cl --  touches below  overnight lows made at 3:40 am -- obvious now -- stophunt.

87.73 -- see if this holds for the next few hours -- in which case -- grindy chop action.

Market Signals weakening.   /tf   unch. now.

Topped out..

Target: 822  is 50% retrace of 816 - 828 run.

opex Fri:   Often   wide range action in first half hour -- play in the range rest of the day... but most rules don't apply past 2 weeks.

$NAMO +60 -- this is major pullback range.   We are extended on daily charts.  

/cl - Indeed -- grinds back up to 88.13 in sloppy action.  

end of month  - opex -- so prevailing winds could keep markets elevated - but sharp drop on Monday?   

weak Market Signals --  /tf   at 50% retrace.

/tf  overnight lows....       IWM 82

IWM --- 15 min. TL broke. 

/cl   SPIKES  to stophunt  doubletop -- great   R:R  short  with tight stop.  Why not?

If you just thought like a MM -- and considered how far you'd want to push to trigger stop orders... you could find perfect entries almost every day.

/tf -- well   smooth trend whoosh from 828 to 818 -- 100 ticks....  how could you capture most of this?

If you're looking for these moves - you just keep a trailing stop -- either you get it or it chops and you don't. 

Your system MUST have a way to allow winners to run and get out of losers fast.  If your wins are small... you can't make it.

I think for me -- I keep looking at 5 min charts because I need bigger swings on small account.

So looking for  Classic  top/bottom patterns and holding into the sup/resist. area that's my target.

opex  pinning:    typical Fri. afternoon.  

rip after the close -- end of month.    Close green.

/tf - creates a nice triple bottom before ripping 40 ticks -- same pattern over and over. 

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