Must Watch

Peter Schiff calls the recession to the letter, as reported by Fortune.

This is too funny. Listen to these guys mocking him, it's unbelievable. This is how bubbles happen, everyone piling into the same theory which they believe is correct for the simple fact that everyone is doing it.

Saved by the Bell

The week was a giant bore. The best thing about it is, it's over. Five day ATR for crude is 340 tics which is very low. I guess you have to factor in that this is a 41 dollar contract now, not a 140 dollar one.

I'm happy with the inherent risk management in the "blue bars" as adding range to the trend equation has kept me flat for most of the week.

Flat was the correct position.

We shall see what next week brings.

Two swings at the CL today for a net result of -8 tics.

5 Minute Crude Oil Chart

1 Minute Crude Oil Chart

The Baby

Trader X delivered the goods.

Guess What

When I wasn't learning how to knit today I saw this little nugget. The French have found the cure for the world's economic crisis.

Have your entire country go on strike.



Oh my that's good, I haven't laughed like that for a long time.

redrum

A day with no trades. No signals, no trades. You plan, you prepare, you wait, and nothing.

Nothing.

No trades.

It could cause a man to, well, go a little nutty.

Harmony

The man and machine were one today. The machine identified high probability time periods and the man made sound entry decisions.

We lost money, but we were one.

Actually did trade well, took the first set up as it appeared, and then another swing as the trend stayed in place. Missed one target by 3 tics which would have made the day green.

That's trading.

I did not revenge trade, I did not pass up opportunities, I did my job.

Some days you do it all right and you lose.

On another note it turns out the EIT (Exceptional Irish Trader) is also a EIP (Exceptional Irish Painter) take a look at his gallery.

5 Minute Crude Oil Chart

1 Minute Crude Oil Charts