CL Redux
- Thread starter schizo
- Start date
Here's an illustration of a 1-2-3 setup on the 1-min chart. When this pattern occurs off a "key level" (range extreme, trend line/channel line, prev S=R or prev R=S, or following an "extreme" move), it's usually good for at least a scalp, and sometimes the start of a complete trend reversal following an "extreme" move.
Chart is Pacific Time.
Confirmed trade entry is a break of point 2.
Target is the next key level (in this case prev S=R @ 95.41, which was also close to the 5m upper channel line at the time).
P.S. This setup only works if you believe in the TA fairy
Chart is Pacific Time.
Confirmed trade entry is a break of point 2.
Target is the next key level (in this case prev S=R @ 95.41, which was also close to the 5m upper channel line at the time).
P.S. This setup only works if you believe in the TA fairy
Hmm, thought I posted a reply earlier ... don't know where it went.
Anyway, thanks NoD, yes that one is in the arsenal. I think we talked about one of those last week (an early LOD that was put in off one of those signals, if I recall). I haven't yet thought of a way to objectively define what qualifies as a "key level" in order to do any sort of useable backtest though, but I assume you have strict guidelines for which 1-2-3's qualify.
Anyway, thanks NoD, yes that one is in the arsenal. I think we talked about one of those last week (an early LOD that was put in off one of those signals, if I recall). I haven't yet thought of a way to objectively define what qualifies as a "key level" in order to do any sort of useable backtest though, but I assume you have strict guidelines for which 1-2-3's qualify.
Not a chart, but http://www.cfr.org/economics/katrina-oil-prices/p8834
It mentions that oil spiked to $70/barrel before Bush announced release of SPR.
