CL Redux
- Thread starter schizo
- Start date
Visaria, I use S/R levels to work my trades. On your overnight trade, there was a lot of previous resistance @ 105.24, so if that level doesn't break on the first try, you can take your profit (a point ain't too shabby, either), then look for a re-entry if you think it may try R again and break. Or you can hold there with a stop below a previous bar or a previous pivot low and see if price gives it another run following a shallow pullback.
I tend to over trade in ranges because I'm trying to stay positioned for the break out of the range that eventually occurs. I will often have quite a few scratch trades before I catch the wave in whichever direction it ends up going. I used to have those back-to-back scratch trades, then step away in frustration, missing the big move. Now I'm ok "fly fishing" for the eventual move. I usually lock in a tick or two to cover commissions, so no big deal.
boy what a day !!!!!!
- Asian session low 103.33 provided the general direction for the coming US day session today and CL behaved ..
- double bottom 103.80
- top resistance 105.20 levels
- Asian session low 103.33 provided the general direction for the coming US day session today and CL behaved ..
- double bottom 103.80
- top resistance 105.20 levels
Visaria, I trade off of support and resistance levels too and whole dollar amounts. And sometimes I'm just looking at and "feeling" the DOM price movements for a "feeling" of coiling for breakouts or weakness leading to pullbacks or selloffs. And although I haven't been using Fibonacci levels per se lately, I have that embedded in my psyche looking at charts and just see where they are.
Yes, very well-behaved action today.
For those who track 60-min bar levels (I do), Friday's 11:00am ET bar low was 103.33. These levels get tested as price moves from level to level.
Also 103.66 was possible the measured I called from the distance of yesterday's morning sell off, then off yesterday's very wide channel high of 105.96. It took a long time to put in that move, but enough traders/bots must've had that level noted from the day's session to give it a go in the overnight, because there was a weak attempt to bounce off it during the 2:40am ET 5-min bar.
They just asked Bertha Coombs on CNBC if crude traders felt a top had been put in and she said it was just the opposite. She said the biggest demand was for May $150 calls. I think she was reporting from NYMEX.
ADD There's a guy on CNBC now saying we can see $130 in the next few months. And then he sees $94 level by the end of the year.
ADD There's a guy on CNBC now saying we can see $130 in the next few months. And then he sees $94 level by the end of the year.