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I calculate different levels based off of daily, weekly, etc ... that have a high probablility of being touched and possibly forming support / resistance based on the reaction to that level. 54.25 is a level that has yearly significance imo ...

I think 1254.25 is possibly the next test.

Crude ... if you were to use volume as one (not only) confirmation .

I trade them pretty much as I mentioned a few pages back. I wait for price to hit a level I have interest in and believe to be of significant value. I then wait to see what the reaction to that level is and make a decision to go long or short. Depending on the timeframe I am looking at for...

The levels I am watching in ES ...

Crude chart

My two cents and levels for crude heading into tomorrow. Another test and breakdown follow thru of the 95.70 level should bring us down to to the 92.25 level. On the upside, 99.35 to 99.60 is the next upward resistance. If it can break and hold that, i see 101.65 as the first upward...

Sorry, been busy babysitting some new automation I am trying to get to go live. The 95.70 level in crude held up well today. I have the low print on crude today at 95.34 which happened early last night.

Nat Gas tested the 2.375 area four times last week 5/1, 5/2, 5/3, 5/4 and all failed.

My 2 cents on Oil ... interesting position between two key levels as I see it. Don't really have an interest until we test one or the other.

Follow up to the ES chart posted Friday around mid-day. ES fell to the next level to the tick right around market close. So this level will be the level I am watching Monday to see what the reaction is.

The distnace crude has fallen in one day has really been amazing. I would have said the odds of even approaching the 95.70 area all in one day would have been slim.

Here is a 60 min chart of ES this week. These are what I have. The good thing about using levels is it forces you to be patient, waiting for price to move to a level / area and then watching the reaction. If your wrong, which will happen more often than any of us would like, you know...

60 min chart of Nat Gas this week bouncing off the level discussed several times earlier this week. I will post some more charts and what I look at this weekend for those that are interested. Happy Trading.

60 min chart crude snapshot. Crude reached the 102.5 level between 11 - noon yesterday and sat there for next 15 hours or so before falling thru. I think we re-test that area. How soon depends on news and what happens with the US dollar today / next week.

Mav, since we are on my thread I will speak my mind a little more than I would on your thread. If we are talking ludicrous, I would say the notion that your levels, my levels, the next guys levels dont matter, as long as we are all consistent is hogwash, which is what has been mentioned...

Crude .... Liking a long in the area of 102.5 if we get there and the reaction to that level is good.

I want to expand on the context issue, but one quick sidetrack if I may. This was posted on Tuesday around noon when I posted on a different thread that Nat Gas and Oil were rising into decision points. "Dude, your levels are off. I got confirmed weeklies in NG and USO" Since that time...

Definitely not in the traditional since meaning using a previous day or previous weeks high or low, area of consolidation, etc. The projected NatGas decision point held its ground, price paused and kicked around at that level and is now retreating off of that level. So how to use this...

What is a level to me? I use levels to mean decision points. Expanding on what I had originally posted in the ACD thread earlier today, you can see this chart of NatGas has hit a pre-determined level, or decision point if you will. In this 60 minute chart it has stayed at or near this...