Cup on /CL 240 minute looking good

Tavurth · Jun 27, 2015

Lower highs, lower lows, looks like its going down. Also get that volume profile off your chart, it doesn't help.

CL_Ftrader · Jun 27, 2015

Autodidact said:
I remember when I first started to learn about trading I had a desk job and would study charts on the side, especially at lunch. When I had the need for a prolonged bowl movement, I would stare at the floor tiles as I sat on the toilet, and out of nowhere, I would find patterns on that floor tile, all kinds of patterns, faces, geometric shapes, you name it.

That's what comes to mind when I look at your chart.

Welcome to ET.

I have my other formations that are far more pertinent to short term trading that I utilize in my decision process. But I still like to mess around with these silly formations. I also started doing this pretty young and still can't shake off the "let me see if this works" attitude. Nonetheless appreciate the feedback. It would be nice if the cup works. I have a bunch of other confluence levels there. Just so happens to work.

CL_Ftrader · Jun 27, 2015

T

Tavurth said:
Lower highs, lower lows, looks like its going down. Also get that volume profile off your chart, it doesn't help.

This chart is hidden behind my 60 min so I don't use her often. If I did I would take away the vol.

CL_Ftrader · Jun 27, 2015

Tavurth said:
Lower highs, lower lows, looks like its going down. Also get that volume profile off your chart, it doesn't help.

What doesn't help some traders may help others. You saying it doesn't help may mean it doesn't help in the strategy you utilize. It may very well help in someone else's strategy.

Tavurth · Jun 27, 2015

CL_Ftrader said:
What doesn't help some traders may help others. You saying it doesn't help may mean it doesn't help in the strategy you utilize. It may very well help in someone else's strategy.

When looking at your chart, it obstructed my view of price action. It's like trying to predict the weather from behind frosted glass.

marketsurfer · Jun 27, 2015

CL_Ftrader said:
I have my other formations that are far more pertinent to short term trading that I utilize in my decision process. But I still like to mess around with these silly formations. I also started doing this pretty young and still can't shake off the "let me see if this works" attitude. Nonetheless appreciate the feedback. It would be nice if the cup works. I have a bunch of other confluence levels there. Just so happens to work.

Why do yoy use charts when running algos?

CL_Ftrader · Jun 27, 2015

marketsurfer said:
Why do yoy use charts when running algos?

We like to know why kind of day it will shape out to be. Determines whether or not we would like the system to run on a bracket or not.

marketsurfer · Jun 27, 2015

CL_Ftrader said:
We like to know why kind of day it will shape out to be. Determines whether or not we would like the system to run on a bracket or not.

Im not following-- how do you know what kind of day it will shape out to be before it happens?

CL_Ftrader · Jun 27, 2015

marketsurfer said:
Im not following-- how do you know what kind of day it will shape out to be before it happens?

We have expected ranges for the day. If they are broken then we like to use brackets after our expected ranges are broken.

i960 · Jun 27, 2015

I don't think this is a cup and handle - its just a range. In fact on some of my medium term charts things looked slightly bearish more than anything if I remember right. There's a continual liquidity area around 59.30 for weeks now that price likes to return to and then bounce off of. And whoever said remove VP I disagree. VP is significantly useful.