CL Redux

Quote from EON Kid:

I was just joking of course. But I'm thinking this would be a great thing to have a new trader do (safely). As new traders with well funded accounts tend to disassociate with their losses and think 'yeah I'm a big trader I can take a loss, It's the cost of doing business, tomorrow I'll make back double'.
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I think that is a great idea, do it with Monopoly money.

Keep a running total of all potential money made/loss because of over thinking, not following plan, etc...
 
Here is my view on today CL action Hindsight :-) in attachment

I did not do these projects in real time, just doing analysis after the market. Lesson learned is I wanted to do some projections at/before the actions , I may not be right all time , but it gives me what are possible instead of simply focusing on price action .

I know we can construct an opposite view from the chart, this is what I see in Hindsight .

1) 75.20 on retracement was most visited area early in the morning , basically CL spent 1 hr and 1/2 hour in this area on 2 occasions.
I am not saying one can know this but would have been good short with .15 stop loss

2) Double top at 75.90 area . would have been good short with stop .15

3) Not able to break 90s ( any 90 cents to next dollar ) is a weak signal for OIL . This is especailly true on a EIA inventory numbers day. On EIA day with positive equitity market at that time CL makes day top around EIA announcement time.

Chart TIMELINE is from PFGbest, I think it is Chicago time on X-axis so we need to add 1 hour to get EST time
http://www.pfgbest.com/traders_tool...pfg&cancelstudy=&studies=Volume;BBANDS;&a=I:5
 

Attachments

Quote from Tonkadad:

I think that is a great idea, do it with Monopoly money.

Keep a running total of all potential money made/loss because of over thinking, not following plan, etc...
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Another burning tip

An excellent visualization technique: if you are worrying about something, picture the words of your worry on a piece of paper. Now ignite a match to the paper and watch the worry dissipate into flames. Bruce Lee, the great martial arts master employed this mental control device regularly.
 
Quote from InvestVision:

3) Not able to break 90s ( any 90 cents to next dollar ) is a weak signal for OIL . This is especailly true on a EIA inventory numbers day. On EIA day with positive equitity market at that time CL makes day top around EIA announcement time.
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Interesting, IV, I never paid attention to that before, but it makes sense, because normally price will break hard through the round number if the bulls are for real.

I did take a short off the DT with a 15 tick stop (at the HOD, basically), took 20 ticks at the lower TL, left a bit on the table :D
 
Quote from pollock:

What source (links on this forum, books, sites, etc) could you suggest that could improve my understanding of intraday action for CL?

Currently, I have started to look at 5 minute MACDs and MA's -- that alone has improved my alertness vastly.

I liked the openness on the CL redux journal, and that is why, I am asking for your suggestions.

thanks
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"The Logical Trader" by Mark Fisher
I use indicators for nothing more than for profit targets.
 
thanks for the article. i was looking for news last night around 8pm est but couldn't find anything. Seems like a good opportunity to get more short. Maybe we'll see 76.40 after all although I'm looking for 76.60.
 
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