Friday, December 7, 2012

Fri:

huge pop on NFP data.


/tf  827

/cl -- 86.80 - -now fading fast.

/tf  fading.

OPEX - range trade?

sloppy --  /tf -- rainbow ....

but expected  on opex -- market has faded "good" data before  -- gap ups often a fade.

/tf  ... have 819 as support 1:     819.9 now.   no surprise -- stophunt?

market is wide-ranging and inefficient  827 to 820 back to 823...

Know your market behavior -- context is everything.   Expect chop because it chops -- now fading again.

Chops should lessen on opex day.

/tf 823.1 --  50% retrace of today's range     827 - 819.80 --  done?

/cl -  retrace, now red.    no set up.

/tf - -wisely avoiding any action -- bad area.

heavy tick - -drop to 820.      appl 539.    market smallball action -  stophunting... but won't run after the NFP blowout.

/6e - pukes -- then 3 bump forms and pop squeeze of 40 ticks....  saw it early...

/cl forming a clear wedge. --

got stopped /cl -- broke under 86 to test stops -- so obvious.   That was the 3rd long tail dip since hitting the lows.  Was more than obvious.

This is the patience part. 

/tf  pin 820 - -game over Friday.

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