This report was sent to subscribers on 11/23/09 6:00 p.m. Chicago time to be used for trading on 11/24/09. Everything is done by Howard Tyllas, no program or black box.
January Crude Oil
After the close on 11/24/09: My resistance was 77.44, .36 from the actual high, and my support was 75.29, .31 from the actual low.
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80.40 |
78.61 |
--------------77.44 Pivot |
76.27 |
75.29 FG |
Use the same numbers as used on 11/23/09 |
Trend |
5 day chart ......... Down (from last week same day) |
Daily chart ......... Up |
Weekly chart ........ Up |
Monthly chart ...... Sideways 68.04 is the 200 MA |
ATR 2.13 Oversold 26% |
January Crude Oil Chart
I said "The red bracket line acted as near perfect support on Monday (and perfect on Friday), downtrend line acted as resistance at $80. Downtrend line in play is first resistance, October high is next". Notice how near perfect the downtrend line was on Thursday, and the range on Monday between downtrend line and bracket line. Last bar on right is tonight.
I have been saying "Downtrend line is resistance once again. I use the numbers for direction and trade locations".
January Crude Oil for 11/24/09
I have been saying for 3 weeks "What the equities market & the $ does from here, will help or hurt crude oil".
In my daily numbers on Monday my resistance was $0.48 from the actual high; my pivot acted as support and was $0.29 from the actual low.
Crude Oil: Good numbers and comments on Monday. Same numbers, same thoughts for Tuesday. You now see what I see; I look at this the same for trade locations with the downtrend line for resistance, and support at the bracket line with an uptrend line just below that. I took a short near resistance and made money on Monday.
New subscribers should take note of what I have been trying to instill in your mind, fundamentals go only so far in trading since 2003 and the funds dominance, fundamentals do little in the way of price discovery, and technical levels, lines, and gaps on the chart present opportunities no matter the reason it got there. I do not take credit for your success or failure; I only take credit for providing you the best numbers I believe that are second to none. YOU are the trader, everyone with different tolerances for pain, timeframes, account size, approaches, money management, and that are the reasons I do not tell you what to do, I only tell you what I am doing or would do if I were to trade that market. That is why YOU take the credit if you are trading well and following your plan, executing when and what you are suppose to do, and you are also the one to recognize if you are not and must take control or make adjustments. I have no problem when I take trades that lose money, but I never let the loss get out of control and try to keep the amount insignificant. Yes, as you know I have had days when I made or lost $10,000 this year, but you also knew I had 50 spreads on. I did not lose that on a trade I originally allowed to lose $1,000. "All trades are not created equal" I have said many times, and contract size is one way to control money management.
Keep a daily journal and talk to yourself that way, and if you read a week or two later that you are doing something now that you said you would not do again, then you are self destructive, feel you are not worthy to succeed by doing the right things, and must take control of yourself. Do that and you have a much better chance to improve your trading and show some better results. If you are doing things right you can reinforce why you should continue to do that, including keeping track of what you are doing intuitively. As long as your intuitiveness is working, tell what and why you did that, and when your intuitiveness is not working, it will allow you to stop. Otherwise you will not keep it real and know EXACTLY what it cost or gained.
Trading really does not take that much brains, it takes discipline, patience, execution of your plan, and the proper strategy (approach, and timeframe) based upon your personal mindset.
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Howard Tyllas
Tel.1-312-573-2699, 1-312-961-4390
Disclaimer: No guarantee of any kind is implied or possible where projections of future conditions are attempted. Futures trading involve risk. In no event should the content of this be construed as an express or implied promise, guarantee or implication by or from Howard Tyllas, that you will profit or that losses can or will be limited in any manner whatsoever. No such promises, guarantees or implications are given. Past results are no indication of future performance
