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The stock market is an auction, meaning "fair value" is whatever the current price is. One party sells because they believe price is going lower; the other party buys because they believe price is going higher. The belief can be based on fundamentals, indicators, technical price levels, analyst...

Wow, I realized that was QT and I've created a range chart and a tick chart (neither of which I'd ever seen). I'm not sure if I should travel down these roads...

A lot of folks on ET pooh-pooh technical analysis, but once again, it ruled CL today. 86.50 was the 50% retracement of the RTH range and when price failed to break that level and aim for the top of the channel (formed between 11:35am and 12:30pm ET lows and the 12:00pm high), a channel...

What's troubling is that the stock indexes are at highs and the dollar's weak, yet oil broke down. Schizo, if something spooks the overall market, 81.00 doesn't seem all that unreasonable.

The bastards! :D

Nice work! (Now it will break the LOD, ha ha!)

I'm thinking if there's more downside, 84-ish should hold.

You are interfering with my trade and interrupting the Law of the LOD with kind of talk :p

50% retracement of the RTH range is 86.50. tlow, when price breaks through previous R and the 20-bar EMA off higher lows, it's a confirmed reversal, hold for more. I think I learned that lesson yesterday when I entered a perfectly excellent trade early on and bailed when I should've been...

I hate symmetrical triangles. I think maybe the "law of the 20 EMA" says price will likely test 86.24, but this has been one weak piece of crap today. I'm going to get a bite to eat, if that's any help making a decision :D

Posting channel for brownsfan and any other interested partiers.

tzachi, use hard stops and soft targets. As each level breaks, trail a stop (such as just above previous 3- or 5-min bars) and let the market give you as much as it's offering. If you exit at a key level and then the move looks like it still has steam, get back in (like you did). I use the 1-min...

Never underestimate the ability of CL to do the last thing you expect it to do. :p I will admit, this is the first thing resembling a pullback since the channel break.

That was the 6-month TL break. A lot of airspace below.

Ha ha, I was on the phone and said, "This is classic Al Brooks barb wire. I ain't touching it." But I had a sell stop @ 86.89 "just in case" it decided to do something. Tlow, just place your stop orders in advance at key levels no matter how far away they appear at the time and you'll...

The law of the low is in play...

As ET's resident mom, I am here to tell you that your profit targets should get larger, not smaller! :D On a serious note, you chose a great short setup and entry and once price had broken the channel/lower TL AND the 20-bar MA on the 5-min chart following a series of LHs, your 20-tick...

This channel's awesome. I'm trading it strictly with-trend for now.

The chart looks ugly, but price is (mostly) honoring the channel, as IV demonstrated with a precise channel line exit on that short position.

I think scaling in and out is a great strategy, but I prefer to trade all-in/all-out because I trade the individual price swings. For example, in yesterday's move up I had several long trades, but in between, I had a short trade. If I'd been scaling in and out, long-only, I would've been...