CL Redux

Quote from chinook:

Another critical value of 104.84 was that it was within 8-10 ticks of last two days' daily ranges (High-Low).
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That's an interesting observation. Thanks for sharing that.
 
One last thing for now and then I need some rest as I've been up since 3:30 AM PST. :) If you look at the TF chart I posted you'll see that it really tanked going into and especially after the close. Maybe we'll see some follow through on that tomorrow as Feb is now finished. Stay tuned.

Lots of reports including jobs and others tomorrow morning first thing.

http://www.briefing.com/investor/calendars/economic/2012/02/27-02

Have a good night.
 
Quote from BCE:

You just go off of the opening 5 min bar? Doesn't seem that important. I look at the opening ranges too, but not just one bar. I look for the high and low of the overnight session and especially look at any channels before the open with the most important part the nearer it is to the open. Here's a 5 min chart of TF. The pre-open to 9:30 AM range was from 824 minus a little to 826. And I've drawn horizontal lines to indicate that. When it breaks out of that range I take note and trade accordingly.
What kind of horizontal bars are on austinp's chart? Not Fibonacci.

One other thing is CL actually opens @ 9 AM.

Everyone knows that obviously. No news there.
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Looking at highs and lows of the different sessions, asia, eu, ny. is important yes. The 5 min opening range bar isn't my like my holy grail lol it just helps see the balance of the day. If price traveled 50 ticks up and falls through the opening range with conviction then I would expect at least another 50 ticks down ect. If I see price went up 50 ticks and comes back to opening range, forms some pins ,divergence then I would be looking to get long. Kind of the like the whole ACD concept but in my own way. Would be interested in how austin views the whole thing since he was the one posting the chart and talking of the "roadmap"
 
Quote from Zr1Trader:

Looking at highs and lows of the different sessions, asia, eu, ny. is important yes. The 5 min opening range bar isn't my like my holy grail lol it just helps see the balance of the day. If price traveled 50 ticks up and falls through the opening range with conviction then I would expect at least another 50 ticks down ect. If I see price went up 50 ticks and comes back to opening range, forms some pins ,divergence then I would be looking to get long. Kind of the like the whole ACD concept.
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I see what you're saying. I think any fixed point can be useful whether its a pivot or resistance point or whatever. Got to go. :)

ADD: Added a few more remarks to my other post.
 
Quote from BCE:

I see some horizontal lines that look like Fibonacci lines but are something else, but see that CL traded through those lines.
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Are those are just support and resistance? The percentages through me off.
 
Quote from BCE:

You know, you posted a similar chart the other day with similar remarks, but didn't explain it. And I made some marks on your chart to show what I saw or didn't see. Are you willing to share what you saw this morning that told you that "exactly 9:06am eastern time this morning, crude oil laid out its daily roadmap for anyone & everyone to view, measure and interpret"? I don't see it. I see some horizontal lines that look like Fibonacci lines but are something else, but see that CL traded through those lines. I don't understand what you're seeing that shows that CL "laid out its daily roadmap for anyone & everyone to view, measure and interpret" at 9:06am ahead of time. Do you draw these lines from the first or second 5 min bar and trade off of that? I see your horizontal lines, but I see price action trading right through those lines, so how are they relevant? What kind of lines are those? Anyone can look at a chart at the EOD and explain why it makes sense. Are you trying to say you pretty much knew CL would trade below 105 and above 107 today late in the day and you knew this @9:06 am? I find that hard to believe.
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BCE,

All he's doing is plotting Fib Extensions off of the CL 1st 5 min range pit open. I saw his youtube video on it months ago (boy, and HE has the nerve to criticize Al Brooks for rambling!). If you Google about it you'll see that some guy on BigMikeTrading mentioned that it's the 3.77, 5.12 and 7.80 FE's. And, if you Google his full first/last name, you'll get more than you asked for.

I like to keep it simple and so tend to agree with Admiral Ackbar's opinion:

http://www.youtube.com/watch?v=dddAi8FF3F4

I've seen a lot of characters over the last 8.5 years of full-time futures day trading. This is now a tired old story to me: vendors lurking trading boards pretending to be something they're really not in an effort to, well...vend!
 
Quote from SteveH:

BCE,

All he's doing is plotting Fib Extensions off of the CL 1st 5 min range pit open. I saw his youtube video on it months ago (boy, and HE has the nerve to criticize Al Brooks for rambling!). If you Google about it you'll see that some guy on BigMikeTrading mentioned that it's the 3.77, 5.12 and 7.80 FE's. And, if you Google his full first/last name, you'll get more than you asked for.

I like to keep it simple and so tend to agree with Admiral Ackbar's opinion:

http://www.youtube.com/watch?v=dddAi8FF3F4

I've seen a lot of characters over the last 8.5 years of full-time futures day trading. This is now a tired old story to me: vendors lurking trading boards pretending to be something they're really not in an effort to, well...vend!
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Thanks, Steve. That's what I'm saying, anyone can do that. No big deal. Not a sign of one's trading or TA expertise. Wasn't sure of the Fib levels. The ones I've drawn look different and use different levels. That's what threw me off. And it's not an indicator I personally use often.
 
Are you saying the Easter Bunny is not real too!????


Quote from SteveH:

BCE,

All he's doing is plotting Fib Extensions off of the CL 1st 5 min range pit open. I saw his youtube video on it months ago (boy, and HE has the nerve to criticize Al Brooks for rambling!). If you Google about it you'll see that some guy on BigMikeTrading mentioned that it's the 3.77, 5.12 and 7.80 FE's. And, if you Google his full first/last name, you'll get more than you asked for.

I like to keep it simple and so tend to agree with Admiral Ackbar's opinion:

http://www.youtube.com/watch?v=dddAi8FF3F4

I've seen a lot of characters over the last 8.5 years of full-time futures day trading. This is now a tired old story to me: vendors lurking trading boards pretending to be something they're really not in an effort to, well...vend!
More...
 
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