CL Redux

[bigsnack]

Quote from dsave:

SOB, will it ever stop working?!?

Ha ha, I sure hope not You can trade it as a pure pattern, or if you are interested in looking at the nitty gritty you can take the analysis (aka guesswork) a bit further.

Maybe this is totally false, but I look at volume as some sort of big player. Big volume can either a) cause the market to move in a particular direction, or b) stop it from moving in a particular direction. Either way price points that involve large volume become important to me, because whoever the big player is that got in there is going to want to protect their position. This gives you a bit of security, and some great places to put your stops when you get in. I've normally faded volume increases, and that works really great, but I'm also studying when to go WITH volume increases, in the proper context of course.

Or you could just draw your triangle and trade the break

 

[dsave]

Quote from bigsnack:

Ha ha, I sure hope not You can trade it as a pure pattern, or if you are interested in looking at the nitty gritty you can take the analysis (aka guesswork) a bit further.

Maybe this is totally false, but I look at volume as some sort of big player. Big volume can either a) cause the market to move in a particular direction, or b) stop it from moving in a particular direction. Either way price points that involve large volume become important to me, because whoever the big player is that got in there is going to want to protect their position. This gives you a bit of security, and some great places to put your stops when you get in. I've normally faded volume increases, and that works really great, but I'm also studying when to go WITH volume increases, in the proper context of course.

Or you could just draw your triangle and trade the break

Lol, ya so far I've just been drawing, but that last one I noticed that volume spike you were talking about yesterday. My guess is that just drawing them and relying on that, might be too risky in the long run, but add that volume spike theory of yours, and things get a bit more comfortable.

 

[Visaria]

I see 109 today (disclosure: i'm long and strong, so, yes, i'm talking my position), keep the faith!!!

I'm off for dinner, see ya later.

 

[NoDoji]

Quote from dsave:

Somebody posted an example of triangles yesterday and I took note. Thank you. Short at the break and out at 73.

Did I do it right? Or luck?

I'd say you did it right! "Luck" would be if you played the breakout, the breakout failed, price reversed and broke the descending trend line for a huge move the other way, you had no stop in place and eventually price came back to let you out break even

Triangles rock! Don't tell me there aren't high probability setups!

 

[NoDoji]

Quote from dsave:

SOB, will it ever stop working?!?

I always ask myself the same thing. Thing is, if they fail, you can get out for such a small loss

 

[dsave]

Quote from NoDoji:

I'd say you did it right! "Luck" would be if you played the breakout, the breakout failed, price reversed and broke the descending trend line for a huge move the other way, you had no stop in place and eventually price came back to let you out break even

Triangles rock! Don't tell me there aren't high probability setups!

I also noticed that they work well on NQ, well today they did.

 

[InvestVision]

close 108.25

hey , my conspiracy theory of today DOWN bar did not work , here I have excuse ( always you can find one when you are looking )

when was the last time Crdue down when Treasury sold bills ? hard to find ...

The Treasury Department The Treasury Department sold $13 billion in 30-year bonds at a yield of 4.531%, lower than traders expected, which is an indication of good demand. See Treasury auction results.

Quote from InvestVision:

adding at 108.20

 

[dsave]

Quote from NoDoji:

I always ask myself the same thing. Thing is, if they fail, you can get out for such a small loss

What kind of stops do you suggest?

 

[NoDoji]

Quote from dsave:

What kind of stops do you suggest?

I nearly always use a 10-tick stop on breakout-style plays, because when they fail, they can fail really fast :eek:

 

[EON Kid]

Quote from dsave:

SOB, will it ever stop working?!?

triangles, rectangles, diamonds, & pennants, they will always work as its a meeting of supply and demand in a normal auction market.

see y'all l8tr