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Stopped and filled long .93, Out .30, that was nice and fast

Big seller at .90, I'm short .88 and hiding behind him at .91 just in case I get lucky and it doesn't break up. ADD I will reverse and long .91 if stop hit

I know this is a nice pennant about to break out to the upside probably, and should continue higher, but there has been very little volume support for bulls today period, so I question the strength of this. Looks ready for a nice fall back to 80.50 to me.

After the first push up that I missed, I longed .94 on the rebound (1m EMA and VWAP) to .87, and took the profit at .17 for +30, and had no good reason to do so. I thought they would try to sell it off again so took what I could get. Then I missed the move to .20, tried a long at .70something...

Quite frustrating this--finally we break a trend line to the upside, it pulls back to .43, and I place my limit at .35 waiting for a TL retest... which never happens. A hundred ticks later in 5 minutes, and I'm not on the train. Oh well.

Quite impossible for me to be confident about a direction here. Since the high up top was yday's high, last week's low, and since we did not thrust as high relatively speaking in relation to the higher lows (see earlier 15m channel I posted), I am inclined to believe a drop down to 78 or lower...

EK, BCE, IV, good to see all you guys-- thought I may have been the only one trading :)

I did take a short but only took 80 ticks out of it (shorted .94), and did not have the cajones to hold to the channel line, which was the intended target. That was my basis for 80.00 but I did not expect it to happen so quickly which lowered the target slightly.

After having my ass handed to me on a couple of trades with a good premise but poor execution and timing, I'll just say that we look down to me. Buyers are buying 82, however, so perhaps a revisit to 82.90 (yday high) is in order. However, the channel (see 5m) has been violated to the...

Thanks Xspurt, that's what I was thinking and thanks for making it simple.

ES has roughly 9-10X more volume daily than CL, so a 1000V or 1100V chart should roughly do it. Basically, how many bars do you want to show in a day? Divide the average daily volume (only use the volume of a 1440m chart, not the volume of a daily bar) by the number of bars you want in a day...

Xspurt, I also use Wyckoff extensively and would love to hear anything more specific you have regarding how you use wyckoff in conjunction with channels.

If you don't have anything constructive to say, please just do us all a favor and stop posting on this thread.

BCE, I use FF for news--good interface and you can filter to show only US news items which cover it pretty well for oil: http://www.forexfactory.com/calendar.php BTW, good trading on TF and good call on the rebound. Also nice job on the adds, good stuff! You are holding those trades at...

Which is which? :D As I post this, ES makes new highs more easily, CL only ticks up 1.

Geez, might as well be trading ES, CL is it's bitch right now.

I think I am ready for some of this volatility to end, even if for no other reason that I'm tired of my price scale on my 5m chart being 600 ticks :) What looks like a small risk on a trade is actually 30, compared to the usual 10 or 15 :)

What has gotten up oil's butt this AM? Don't tell me the piddly 8:30 news?

I shorted .24 right after that and closed for +1 foolishly. Should have waited for .80. Good luck to those holding longs--I wish them the best, but I'd be surprised if they aren't shaken out during globex. 80 flat has not been touched, it would be a good excuse to unload some longs.

Either way, we have had some pretty bad numbers, and the entire bull move up in 2010 was overly optimistic. This is probably in part the market's overall feeling of that as well. How many times have I heard someone talk about how we are way overbought, based on so little fundamentally to back...