First off, the market finished up at an all-time high close. You were down for the week now, remember this the beginning of a week. Five dollars; okay, nothing bearish there yet. When we take a look at a chart of the daily bars, you can see that you're in a consolidation phase. That's not necessarily bearish, but it's also not necessarily bullish right here, after this type of spike run. The market does have a pattern of higher lows, but it's on the verge of setting lower highs...
The 18-day average is right here at $2965.60. So far everything looks good, and the resistance point of the upper Bollinger Band, you've stepped away, you're out of the Gorilla Glue trade.
About the author
LINN & Associates
Over the past 35-years Ira Epstein has developed a reputation for providing clients with easy to use technology and teaching good old fashioned trading know-how. A number of our brokers have over 30-years trading experience. No matter how technology changes the methods of entering orders, there's no replacement for having "been there and done that before". It's the blend of services that brings things together.
Be it education, market information or trading platforms, we provide solutions.
Ira began in the futures markets in 1969. Over the years he worked his way up, starting from the ground up as a "floor runner" culminating with his becoming a Floor Trader. In the mid 1970s Ira decided to make a career shift within the industry to develop both retail and commercial based clientele. His customer base grew to the point whereby in 1984 he founded "Ira Epstein & Company", a trading firm specializing in retail, commercial and self-directed discount futures trading. Along the way Ira became a leader in trading technology out of necessity, due to increased small lot trade volume. He was among the first to embrace the Internet, which as you know has dramatically changed both the way information is delivered and how trading takes place today.
One of the ways Ira, along with his brokers showcase their talents is through e-mails of market information and Ira's "Futures Videos", which can be viewed on our website, through Market Center, Linn-IraChart Software and on YouTube.