CL Redux
- Thread starter schizo
- Start date
As reported earlier Here is 1-minute 2700 Contract sell off bar 90 minutes before PIT open at 7:30 EST
- Some big fund sat in early morning to Liquidate big Long Position
- that provided the Tone for the day .
- Some big fund sat in early morning to Liquidate big Long Position
- that provided the Tone for the day .
Why do you think it was some big fund instead of stop orders of a whole bunch of bottom pickers and with-trend breakout traders getting triggered when price broke through a key support level?
The second selloff was also a textbook technical setup for a measured move.
Pre-market range high was 93.30, with support @ 92.52 for a pullback to the 5-min 20EMA. Take that .78 range and subtract it from the swing high at the 20EMA zone (92.82) for a round number target of 92.04.
Now take the failed range breakout high of 92.57 following the inventory report and subtract .78 to get the measured move target in the event price reverses and breaks the previous LOD: 91.79
This sort of technical precision has been going on the whole time I've been trading, which is why I always recommend price action as the most secure method of trading, in that the edges are unaffected by market conditions.