Greece, Greece, Greece, Greece, Greece…that’s pretty much the entire news slate for this week. Whatever the outcome may be, be it days or weeks or months from now, the daily ritual now remains unchanged: sideways volatility interrupted by brief spurts of directional movement.
I was away from the office until roughly 1:30pm est today, and I’m not sure if that was bad or good. There is no way to honestly state how trade attempts would have gone, but the lone sequence I did work to the long side worked far greater than the +21 ticks closed. After seeing how congestive the morning was, while watching the latest price extension stall near repeated resistance, prudence in accepting modest gains seemed the proper choice.
Only after the unusable benefit of hindsight can we see there was much more potential distance in this leg. But no one ever knows at the time of execution when it matters… which is a lesson in fear-greed self management that usually takes years to learn.
In any event, the only real solid potential in CL all unfolded in the afternoon. Meanwhile, stock index markets shined brightly with ample price swings and potential trades going both ways all day. Whereas crude oil futures have been congested ranges and choppy during recent pit sessions, stock index futures are firing on all cylinders again.
I’m out of town on Friday and very limited with available time for markets Wed & Thu. Next week (7/06) begins the summer stretch where some of the wildest volatility and huge-range historical sessions happened in years past. This one could easily be a repeat of 2001, 2002, 2007 and 2008 again.
What I will be working on are updated info lessons for the members-only site of our educational program. There are a few new tweaks and additions designed to thwart incessant chop, catch the highest-odds trade signals of all when price erupts from consolidation, reduce the overall number of trades while preserving all of the key sequences in that process.
Today’s ES session offered several solidly performing trades from crisp, clear signals of a new CM Pattern sequence added to the mix. This short signal early in the day covered plenty of chart distance…
… as did a long sequence during the afternoon reversal off lows to new session highs.
The first half of 2015 has been rather muted, low volume and sideways ranged in markets overall. In my opinion, the second half about to begin has high-odds potential to be the complete opposite in turn. Don’t miss out!
For more daily updates from Austin, visit his blog at Coiled Markets.