The first picture is the daily, weekly and 120 minute charts with Crude Oil's term structure and CoT summary for the week of Sept. 13th, 2013. Each trading day (time permitting) a 15 minute chart is added and trades for that day are reviewed:
Market Overview: In a potentially bullish turn for commodity prices in general, both the Cdn. $ and the Aussie $ staged nice rallies through the past week. At the same time many stock indices pressed higher too. Indeed, some have \'blow-off-top\' written all over them. While longer dated maturities have yet to turn, short term paper strength (falling yields) suggest a soft landing through this Fed. hawkish cycle. Market corrections feel like buying opportunities and considering the seasonal window we are in, we may get a juicy one over the coming weeks.
Weekly highlight: As talk quickly turned to plans for a 'disarmament' of Syrian chemical weapons, prices retreated from the lofty levels seen late last week, Indeed, it would seem the war premium has been taken out of Crude as they brought her back down to within a whisker of the OTE long sweet spot. After some rather dramatic tails on the 2hr chart price stabilized with the 50% level turning into an interesting pivot. We finished the week sideways and rather well contained within a price channel.
Personal journal: I have been trying to 'get back in the grove' for the past 5 weeks and have not been able to. I am getting concerned but will patiently wait for a positive feeling to come back to my trading before I start placing any 'real' trades.
Trading Plan: I must be a bit more selective in my trade decisions. With this in mind, I must have a working 'BoT' trade on both the 2hr and the 15m charts before I can consider even looking for 3minute setups. This will mean I man not trade that much over the coming week but will fill the time practicing Hoag's value trade idea/model.
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:
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