Today marks the beginning of Contract Rollover to December (Z) from September (U)…So winter is coming!..We will be trading Sept. (U) through Friday this week and begin trading Dec. (Z) Monday.
All levels mentioned are for Sept. (U) Contract.
Initial support zone 1683 – 85…Violation of this zone targets 1677 – 80. IF Prior Day High (PDH) 1689 is penetrated and holds, THEN upside projects 1692 – 95 zone.
Typically during contract rollover market action tends to be subdued as big players work on rolling to forward month with as little disruption as possible. So overall trade activity may be affected because of the Roll.
Stay disciplined and focused.
I take the long term view. I am willing to lose in the short term. I understand that losses are a necessary cost of doing business, like inventory to a merchant. Drawdowns are viewed as temporary. I realize that my wins and winning periods are part of the broad process. Each trade is but one in a string of trades. What is happening now is one piece of a much larger puzzle. Because of this I do not get overly euphoric or despondent.