As expected a compression usually leads to expansion or explosion. We got an explosion today but was not to the up side. It started with China's PMI flash report below expectation last night. ES had a 23.5 point range down day but recovered about 10 points before closing. It was a wild day. My ES entries were between 15-18 point range. Fortunately market bounced back later afternoon, otherwise I didn't have much margin left to add more positions. I entered a tomorrow's scalp and a regular size for next week. I will try to add some further OFM contracts tomorrow if the market stabilizes. It looks like another BBD/M PB set up but it's a counter-trend like last week's.
My CL positions are all closed now. A lessons learned. I feel more confident about trading CL now.
Grains are still in a range bound.
It has been a lot of talks about market correction recently. Will it happen this time. We have had multiple tops but couldn't crack it. Earnings are mixed so far. May be some heavy weights' report will give the market energy next week.
No comments:
Post a Comment