Wednesday, December 12, 2012

what's moving?

be attune to what's moving.

/cl  was strong premarket -- spiked up 90 ticks - then gave most of it back -- so lots of opportunity... especially playing off 5 min candles with long tails at support, then resistance. 

/tf barely moving.

tight range  - FOMC -- must acknowledge  /tf is untradeable....

meanwhile -- /cl  has jumped 3x -- big swings... volatile.

tried to get a bounce on /tf twice...   lost 2x  for 20 ticks.

Was not acknowledging total reversal....

Saw the short set up but did not take it.

Unwilling to accept reversal after Fed day - but that's the best time for reversals to happen... too much profit taking... too many still thinking buy the dip -- not following the charts.  /tf  838 to 828.

/tf  828.1 -- no buy signal.     Tempting -- but chart says no.

What I did poorly:  Did not wait for a clear signal.  Did not take a clear signal when presented.
What I did right: Honored my stops and kept losses from spiralling.

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