Commodities were weak today. CNX was on my watchlist because the daily chart had a short setup under the PDL. First bar is a spinning top hitting the 50 EMA resistance. 2nd bar penetrates the PDL but closes above it. Entry is when price takes out the low of the 2nd bar. Since it was based on daily chart, set a decent target esp. when market/sector favors the trend.
USO gapped down, tried to rally in the first bar, then formed a consolidation of NRB. I shorted when price took out the low of the consolidation but was immediately stopped out in a fake breakout. Price then formed 2 narrow spinning top bars which was an excellent entry but I missed this entry. Price then moved down beautifully.
SLV gapped down near s2. Moved sideways till 5 EMA caught up with price. My entry was on the break of 5th bar low. There was low risk entry just after that. Nice downward movement in SLV.
This is my friday trade. Entry was on the break of the trendline.
Commodities were weak today. CNX was on my watchlist because the daily chart had a short setup under the PDL. First bar is a spinning top hitting the 50 EMA resistance. 2nd bar penetrates the PDL but closes above it. Entry is when price takes out the low of the 2nd bar. Since it was based on daily chart, set a decent target esp. when market/sector favors the trend.
USO gapped down, tried to rally in the first bar, then formed a consolidation of NRB. I shorted when price took out the low of the consolidation but was immediately stopped out in a fake breakout. Price then formed 2 narrow spinning top bars which was an excellent entry but I missed this entry. Price then moved down beautifully. 
SLV gapped down near s2. Moved sideways till 5 EMA caught up with price. My entry was on the break of 5th bar low. There was low risk entry just after that. Nice downward movement in SLV.
This is my friday trade. Entry was on the break of the trendline. 
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