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It's been ~20 pts since the last 20ema touch on the 15-min. Friday's max ema no-touch was 22. A little rare to have 2 back to back trend days (athough opposites like this are more common). Could go to 25-29, but I'd be surprised if it reached much more than that without a touch, on this 2nd...

I would forget the indicator and just use support & resistance. If you're in no-man's land (new all-time highs or lows) watch price action @ TL or fib extensions.

Yep. Monitor it on Bloomberg all night if you have basic cable. Like I said, they show live futures 24/7. To Oldtime - I don't get cnbcw, but thanks for the tip.

This is why I switched from cnbc to Bloomberg: it's Sunday evening and futures are down 20 handles from Friday's close. Looking for news, I turn to Bloomberg and see the crawl with headlines coming out of Europe, along with live futures quotes (which they provide 24/7). What's on cnbc? A...

Update... (freakishly classic).

A magnet with a big gaping hole in the middle of it. :D 10:40 5-min bar, 20k contracts. Seems capitulation may be near.

Apologies, perhaps 'bust' was the wrong term. They lost 34% last year. http://www.bloomberg.com/news/2012-05-02/john-arnold-closes-centaurus-hedge-fund-after-10-years.html ... Just to keep it real. :)

Trick there are partial gaps and full gaps. Note the distinction. http://stockcharts.com/help/doku.php?id=chart_school:trading_strategies:gap_trading_strategi Edit: (oops, apologies for not posting this on the other thread).

I think they said on Bloomberg this morning that his latest fund just went bust trading nat gas. Someone please correct me if I'm wrong.

Nah, good support @ 91.00. 82 might have to wait 'til tomorrow after jobs.

82.50 today likely, IMHO.

Possible right shoulder forming.

The way I use it, the term "gap" refers to the visual appearance of space between today's open and yesterday's close on a (RTH only) chart of 2 consecutive days. I know you like to see a visual "gap" between today's H and yesterday's L (or vice-versa) ... to each his own. :)

Yes there's almost always a gap at or near the open.

I use settlement, which was 1400.50 if my chart is not mistaken. :) fwiw, YM gap just filled. SPY, not so much. EDIT: 1400.50 refers to ES, sorry. SPX 5/1 close was 1405.82.

I think you're right, it wants to fill the gap.

Nice. Yeah the recent contraction in ES has definitely led me (and I think alot of people) to focus more on CL and other markets lately. It's an entirely different beast though.

LF what's your style mainly? Trend, fade S/R? (haven't analyzed your trades from the other journal, apologies).

Thanks, but I'm by no means a hero on CL, just get lucky once in awhile. :) I chart 24/7. The TL is only across the past 3 days' lows. But it blew through to the next S anyway .. lol.

Yes and yes. I find that TL's and levels on the hourly provide stronger S/R and sometimes act as magnets. If a level fails, I like to look for the next one on the higher TF. :)