CL Redux

[masterm1ne]

Quote from NoDoji:

CL is bizarre in that it appears to actually make "meaningful" moves on a 1 min chart, but makes little sense in any other time frame. I do keep an eye on the 5 min chart so I know whether price is at war with Eurasia or Eastasia

I was confused by price action in CL for a long time. When I had the epiphany about volatility recently, I realized... how can I get a clearer vision on CL....? Time frame reduction usually reduces bar to bar volatility.

 

[NoDoji]

Quote from EON Kid:

Good analysis ammo, to bad you didn't get the break.

When price finally made a "decisive" move out of the chop, I positioned short off the pb to the 5m 20EMA with a lower channel tgt of 97.26. While it was working its way there, I had to leave and help out a friend and out of nowhere I thought, "I should just leave a stop at b/e and let it go. Maybe it will head to the 60-min LTL..."

And at the last minute I let price lift my bid and I left.

 

[Visaria]

short 9600 apols for delay

 

[tomahawk]

97.20 today?

 

[Visaria]

Quote from Visaria:

short 9600 apols for delay

stopped out 9700

 

[Visaria]

some news came out at 12 mins ago, causing this spike, anyone know what it was?

 

[EON Kid]

Quote from tomahawk:

97.20 today?

good call

on the Euro rally

08/24/2012 11:28 *DJ ECB Considering Setting Yield Band Targets -Reuters

 

[tomahawk]

Quote from EON Kid:

good call

on the Euro rally

08/24/2012 11:28 *DJ ECB Considering Setting Yield Band Targets -Reuters

...well, almost.

Thanks for the news update.

 

[roreilly]

Quote from Visaria:

some news came out at 12 mins ago, causing this spike, anyone know what it was?

Maybe Bernanke letter to Issa.

Really just repeated Fed minutes from 7/31, IMHO.

 

[Visaria]

Quote from EON Kid:

good call

on the Euro rally

08/24/2012 11:28 *DJ ECB Considering Setting Yield Band Targets -Reuters

Cheers, suppose it means more money printing.