CL Redux
- Thread starter schizo
- Start date
87 is a possibility next few days.
Nice job everybody, especially you V, way to hang on, almost at your 86.00 you were looking for!
I thought I would post my chart to show the importance of redrawing trend lines as price develops, which I did NOT do and would have seen the long even a little earlier even though I did get in early enough really (just should have re-entered!).
The bold blue line is the former trend line that was valid until noon eastern when it was broken to the down side. However, after the new low was made at 12:15, it should have been redrawn (the bold red line). This demand line (bold red line) held throughout the remainder of the afternoon, and that last little punch down at 2:04 touched this line.
I thought I would post my chart to show the importance of redrawing trend lines as price develops, which I did NOT do and would have seen the long even a little earlier even though I did get in early enough really (just should have re-entered!).
The bold blue line is the former trend line that was valid until noon eastern when it was broken to the down side. However, after the new low was made at 12:15, it should have been redrawn (the bold red line). This demand line (bold red line) held throughout the remainder of the afternoon, and that last little punch down at 2:04 touched this line.
The story from the volume perspective. Need we say more?
The one bar (with the dot I placed) fooled me, I must say. I need to remember that just because we move up on relatively weaker volume (as we did on each subsequent push up from the first of the day at 11:00 and 1:00), in order to move down, we must have sellers. Weak buyers means nothing if there is not enough selling pressure. Hence my "buyers are pansies, sellers are bigger pansies" statement, yet I found myself still buying into my thought that a drop was due.
The one bar (with the dot I placed) fooled me, I must say. I need to remember that just because we move up on relatively weaker volume (as we did on each subsequent push up from the first of the day at 11:00 and 1:00), in order to move down, we must have sellers. Weak buyers means nothing if there is not enough selling pressure. Hence my "buyers are pansies, sellers are bigger pansies" statement, yet I found myself still buying into my thought that a drop was due.
I exited yesterday at 85.50, was too tired and ill to want to worry overnight.
Interesting article:
http://blogs.wsj.com/source/2011/08/11/oil-markets-twin-engines-are-stalling/
Interesting article:
http://blogs.wsj.com/source/2011/08/11/oil-markets-twin-engines-are-stalling/