The first picture is the daily, weekly and 120 minute charts with Crude Oil's term structure and CoT summary for the week of August 16th, 2013. Each trading day (time permitting) a 15 minute chart is added and trades for that day are reviewed:
Role period: Moved to October Crude Oil: CLV3
Market Overview: The currencies saw little volatility over the past week as the summer draws on. Interestingly, the metals seem to be taking this opportunity to 'correct' the massive sell-off through the spring. The 'ABG' trade that dominated for so long might be trying to re-establishing itself as all three components have gone through what I would consider rather healthy corrections. I for one shall be watching to see if they take over again. No real conclusions ought to be drawn through this seasonally suspect time of year so enjoy the short term price movements if you can and lets get ready for the fall.
Weekly highlight: Prices continued to steadily move higher over the course of the past week and even pushed briefly to new relative highs. Because of this, daily and weekly charts now have the old peak (109.32) within reach. Considering the significant instability within Eygpt and the volume late summer market, any rumor or serious story may send prices moving violently in either direction. The 2 hour OTE long sweet spot currently sits near 103 to 104 and would be a logical place to hunt for potential long setups through the coming sessions.
Personal journal: This past week I continued to take too many questionable trades. Until I can get my risk threshold/per trade constantly below 15 ticks I shall continue to paper trade. I lost money (prac/live) account this past week so obviously my 40 to 50 tick goal was not met. I shall continue to have that goal and try once again to get my discipline back. I have posted a few USO analysis charts and feel comfortable with those 15m long setups. I shall this week try to concentrate on only commenting on the market IF I see one of those setups come in, otherwise - do not even paper trade...
Trading Plan: Continue to trade in the live/prac account as if it were real money. Do not even attempt a 'real' trade until at least three days of consistently taking 'valid' setups is established. I know for sure this entire week shall be 'practice' trading, the question for me right now is, can I get my discipline back for the post Labour Day market.
Excellent example of the only trade setup I should be considering with the TsT account:
That's all for this post,
Brian Beamish FCSI
The Canadian Rational Investor
the_rational_investor@yahoo.com
http://www.therationalinvestor.ca
http://crisdaytrading.blogspot.ca/
Brian Beamish FCSI
The Canadian Rational Investor
the_rational_investor@yahoo.com
http://www.therationalinvestor.ca
http://crisdaytrading.blogspot.ca/
August, 2013 $30k 'live' trading plan:
No comments:
Post a Comment