Ok so if I covered my short at 99.55 but I want to get short again what am I watching? 100.15 to re-enter on the 1 min or just look for a rounding out like is kind of happening now. Lately I'v been trying to re-enter a winning direction by getting stopped into the position "MO" but obviously in a range like this i've been getting chewed up a lot.
CL Redux
- Thread starter schizo
- Start date
My logic now is the longer we spend below 100.50 the more bearish I become. (might not be long at this rate) Is that wrong, should I be thinking the more time we spend above 99/98.50 the more bullish I should become?
why does my chart say 98.51?
This seems like a free fall.....where will the bottom be?
After a strong move like the one to 99.50's there is usually a decent pullback on the 5-min chart, so I watch for that first. Basically, once the high of a previous 5-min bar breaks opposite the trend, I wait patiently for more pullback, especially off a psychological turning point such as any price that ends in a .50 or a .00.
As long as the previous high of a 5-min bar hasn't broken in a down trend, the 1-min pullbacks are usually great for continuation. Look at the 1-min at the pit open today and you'll see the continuation pullbacks around (eastern time) 9:05, 9:13, and 9:22 before the psych 99.50's offer a breather and a stronger pullback.
i used the high on 8/1 as a supp,cl is so thin that i use all the numbers as zones,if i was short,looking for 98.60 i would have a 98.65-70 area for a bid,it might trade 11 ahead of me at ,60 and pop to ,75. .... edit..after the fact, the high on 11/22 was .70 and we dropped to .71,so the avg of those two suppp or old highs was ,65
Long 98.90