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The 5-min chart here at the NYMEX close appears to have produced the Giant Rifle Formation :p What does this indicate?

I officially declare this thing dead. CL's official response: "I'm not dead. I feel happy! I feel happy!"

I believe I traded the only ES confirmed short setup of RTH, sh @ 1153.50, showed me 2 pts and took it right back again. I should've taken that as a long signal :D Trading ES feels so weird after trading CL all this time :p

It would not surprise me one bit to see this thing break out and reach for 84.00. There was a day when the chart looked a bit like this and I said to my friend, "What is the craziest thing you'd expect CL to do before the close? A measured move up." And sure enough it came close, as I recall.

Screw that! I got 50 ticks in 9 minutes. If I played the breakout long, it would've taken half an hour for that! :D And let me add that my earlier CT trade was 40 ticks in 1 minute :p

LMAO! Back to reality: I counter-trended 83.09 with 1 freakin' lot!!!

I been doing that all day :cool:

What is the time frame of that chart??? (Please tell me not 5 seconds)

I'll throw in my 2 cents. I'd find the R:R to be poor taking a breakout long entry after a pretty strong break of the previous uptrend and price at the 50% retracement level of the move from the pivot high to the pivot low on that chart. I play breakouts with the trend, buying a new high or...

A bit of slippage there considering the size doesn't seem all that large :D

Thank you. In trading, the sooner you shrink your ego, the better chance you have of growing your trading account.

I trade breakouts on CL a lot and I traded breakouts on ES back when I traded it more regularly. I expect follow through and if I don't get it, I'll bail at or near b/e (never more than a $100/contract stop loss). You can always get back in, but as you can see, the wider stop is difficult to...

I think this was a first class setup and an excellent entry. This whole move is a clinic in price action. Price broke through yesterday's high on good jobs news, an excellent sign for the bulls' continuation move higher. The breakout should result in a pullback pivot that leaves behind a...

I agree with you 100% on this. One of my favorite setups when I'm focused and watching the price action while it's happening is to counter-trend a trend exhaustion point with a tiny stop and a profit target better than 2:1. Yesterday I did this in CL with 5x size because the stop being so small...

EON, no sooner did you say this to me and I'm testing it in Sim and I'm up $2000 on the 2 trades I tested it with. I think this is wrong thinking somehow and if you've started something in my head that results in my eventual demise... ...well, hell, I know what you'd say: "GL shark bait!" :D

This CL action today reminds me eerily of flash crash when all day I was waiting for some kind of confirmed long entry on the ES because it was too low to short and it suddenly dropped 60+ pts

I'm with you. Even more enticing than those 5-lot 20-tick scalps :p

Picaso there've been some intraday bottom pickers in CL lately that have ended up wealthy. All trends break down eventually though...

I had only two trades today! I can extract 116 ticks out of a 112 tick range day and I haven't done anything since early this morning on a perfect trend day. ADD: If you're an intraday trend trader, there's no signal to cover yet. One of these days..

I can't believe I didn't get an immediate bullsh*t call on that one :D :D :D