CL Redux
- Thread starter schizo
- Start date
I use the ACD system by Mark Fisher as my entry point, and use the Market Profile as a confirmation, it works pretty well for me, usually try to take profits before 1PM.
Like I said before I am trying to switch to swing trading, but I need a strategy.
just went long at 86.08
I show some potential support at 85.80 or so.
If it breaks below that, i believe it will go down a buck or more.
I show some potential support at 85.80 or so.
If it breaks below that, i believe it will go down a buck or more.
Quote from schizo:
Oh what a friggin' day it turned out. I had to leave right after placing that last trade. And man did it tank. Now who said CL would hit for the moon?
The daily looks menacingly bearish now. Just look at the long wick. That alone looks lethal, whew! What do ya folks think?
looking at it more closely, it looks like it could go either way to me. if it bounces off support in the current area, it could run back up to 87. If it breaks 85.80 I expect a decent down draft.
I'm playing the bullish side because, well, you know why. But personally i would enter short if it breaks below that support line.
changed my mind....i think it bouncing off the ceiling from 4/15 is pretty bearish. Not just that, but the runup over the last couple of days was just too steep.
Looking back over my charts its about as steep a runup as i've seen in a while, and then it bounced right off the resistance from 4/15.
I'll exit my long position if i can get a little positive, or if it breaks below .85.
Looking back over my charts its about as steep a runup as i've seen in a while, and then it bounced right off the resistance from 4/15.
I'll exit my long position if i can get a little positive, or if it breaks below .85.
Looks like im going to bed with the position open....doesn't look good though. But, im comfortable with the R/R....PT is at 86.60
We'll see in the AM....GL
That daily bar is one of my favorite short signals. For swing traders, I'd say the better R:R is to the downside. With the market on a tear, and a spreading oil spill, price was not only unable to break through the 87.59 high you gave us, it sold off hard. At the very least, we should revisit 84.50 in a day or two. I've rarely seen a wick off a channel line overshoot lead directly to a new high. Of course "Past performance does not guarantee future results".
And I forgot to sneak back into my office and put on a short position before I left today. Damn, did anyone catch a piece of that drop off the 1:40-1:55pm lower highs?