CL Redux

tzachi · Jan 27, 2011

Pit closed, I am done trading for the day.

InvestVision · Jan 27, 2011

Good job all techies , you guys are good at holding bars tick by tick.

I am setting positions limit sell at 85.94 for over nite Asia action

Quote from InvestVision:

It seems this below 86.00 break a minute ago does not seem real , add 1 at 86

NoDoji · Jan 27, 2011

Quote from tzachi:

like taking the candy from a baby

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 breakout then places the day's low in play.

I, too, was a seller off that failure, but didn't hold for the full LOD break

schizo · Jan 27, 2011

Quote from tzachi:

like taking the candy from a baby

You sure hell did. If this were ES Journal, you'd be receiving death threats by now.

Very nice trading today.

Quote from NoDoji:

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.

I can see why you have your eyes on 84, which I also believe will serve as an initial support, but I think 81 is very likely if the momentum picks up from here with all the perma-bulls panicking.

riskaddict · Jan 27, 2011

Quote from riskaddict:

H&S on 5 mins Yes? Placing sell stop at 85.75

stopped out
at b/e

tzachi · Jan 27, 2011

Quote from schizo:

You sure hell did. If this were ES Journal, you'd be receiving death threats by now.

Very nice trading today.

Thanks.

My view is very simple.

I dont know what will happened in a few hours or days from now. No one knows.
I dont use the time (5,15 min) charts as I do not care about the time but the current price in relation to past prices. When using a range chart I see that PRICE moves up or down and it tells me what may happened in the next few minutes (pure momentum force) so i get in and ride to the next station of S/R. Do it a few times a day and go home. No need to try to predict the future. Good entry and tight SL will make it.

zxd · Jan 27, 2011

How likely do you guys think it is that we hit 81 before we go back up? Will CL go back up to the 90's?

Picaso · Jan 27, 2011

Quote from schizo:

You sure hell did. If this were ES Journal, you'd be receiving death threats by now.

riskaddict · Jan 27, 2011

Quote from tzachi:

When using a range chart I see that PRICE moves up or down and it tells me what may happened in the next few minutes (pure momentum force) [/B]

Can you post a pic of a "range chart" I think I have an idea of what you speak of but you've perked my interest.

schizo · Jan 27, 2011

Quote from riskaddict:

Can you post a pic of a "range chart" I think I have an idea of what you speak of but you've perked my interest.

Here's the chart of 10-tick range candle. I ain't too sure how effective this is and I would also like to hear some sage advice.

CL Redux

Attachments