CL Redux

Quote from Holey Grail:

Well, in my mind a triangle (for this example, a descending triangle) is where price can't seem to get lower than a certain point but keeps trying, and every time it goes up it stops a little lower. So eventually we hit the point at the end where the price busts out (usually down). Also, since I'm looking for a tradable pop, I look for them on the 5 and 1 minute charts.

So, in your example, we are looking at a 60 minute chart, and the triangle doesn't have much of a floor to it--the price just got low on each end and not in the middle. So that's not something I would look at expecting a pop to the downside.

Please note that I'm a noob, so what the hell do I know.
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I see, thank you
 
Crude ends higher on weaker dollar, tensions

http://www.marketwatch.com/story/cr...-tensions-2011-04-19?link=MW_home_latest_news


SAN FRANCISCO (MarketWatch) -- Crude-oil futures overcame a wobbly start to close 1% higher on Monday
- as a weaker dollar,
- some movement due to contract expiration,
- and political tensions in Nigeria worked to turn prices higher.

Crude for May delivery CLK11 which expired Tuesday, settled $1.03 higher at $108.15 a barrel on the New York Mercantile Exchange.


Quote from InvestVision:

(Reuters) - U.S. crude futures turned higher on Tuesday in choppy trading after bouncing off support above last week's $105.31 low and with some lift from
- a weaker dollar and
- stronger equities
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Quote from DonCorleone:

doji on hourly chart again. will cover half at 108 if we get there. otherwise, keeping both positions overnite.
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gonna keep my shorts overnight
 
Quote from DonCorleone:

doji on hourly chart again. will cover half at 108 if we get there. otherwise, keeping both positions overnite.
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closed one position at .20. moved stop to 108.60 for remaining.
 
In case anyone is interested, a side note:

Quote from Notes123:

04-19-11 02:10 PM

Again, I chose the wrong day to hold.

I shorted in the morning, and decided to hold, after checking the multi-day chart. I imagined that a serious selling would bring oil to 103-104 in the afternoon. The overnight drop did make it look very possible.

Not to mess with it, I walked away. No stop, I didn't want to be shaken out.

I went to work and came back with a big loss of $954. The trade was liquidated by the broker around noon time due to margin requirement.

So now I don't want to trade anymore, this hobby is getting expensive, I have lost interest. I don't enjoy it anymore.

Thread closed.
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If you hadn't been so mean to some of the people in these threads Notes123, perhaps they would have been willing to help you learn so that this type of thing didn't eventually happen.
 
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