I switched to the December2014 contract (CTZ14) because the July one is approaching expiry date. Here we have a different pattern. The price reached support today at 76.00. Oversold in the short and medium term. A trade above 77.55 would trigger the long entry with target objective 80.50, first resistance on the way. It could be a major bottom. A trade below 76.00 on the other hand would confirm the continuation of the bear trend.
Comments
EliteTrader101
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getting close to the bottom, but for a longer term move i would like to see buyers take out some of the sellers stops, then wait for those buyers to get stopped out before jumping in with both feet on larger size. I guess a probe size is ok to get in on the long side for now.
LEONES
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what do you mean by probe size
EliteTrader101
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tiny size
LEONES
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it think this is quite high probability trade but yes not going heavy here
LEONES
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buy order is triggered but recent price action not convincing - I'm probably coming out if this trade with a small loss
EliteTrader101
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to be safe i would have liked to see some of the seller's stops taken out first, then look for new lows to buy into
LEONES
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wanted to reverse the order but now it's too late, it's just going lower
EliteTrader101
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Try again tomorrow, it looks like it wants to go lower, but they triggered all the stops of the bulls so maybe a bounce coming, so be careful that its not a trap for sellers. If tomorrow reverses todays range, then it's a trap