is it just me ??? do you guys see a double bottom forming at $61.50. take a look at the chart below
www.liofmc.blogspot.com:)
www.liofmc.blogspot.com:)
Some observations on scalping Crude
- Thread starter gurucandidate
- Start date
A double bottom on the dwindling May contract is of little importance, as it wasn't mimicked on either the June contract (which became the heavier traded contract as of Wednesday), nor on the weighted-averaged continuous contract ($wtic on stockcharts.com).
It is going to be interesting to see how this will play out.
Looking at SeasonalCharts.com (Classics/Cash) under crude oil. It shows weakness into the last days of April but straight up into Mid-May.
Also I have a nice Gartley222 pattern forming on my 120 minute CL June futures chart. CL holding here for a few days would create a pivot for a bullish swing.
When it comes to the LT picture I am siding with the folks who give great weight to the ever increasing consumption from the developing world.
While there may be money to be made on the downside some spectacular up moves could also be missed because one is looking the wrong way.
I am scalper in crude for 3-5 ticks from both sides but I would start scale down buying a position below $58 for eventually higher prices.
Regards,
GC
Looking at SeasonalCharts.com (Classics/Cash) under crude oil. It shows weakness into the last days of April but straight up into Mid-May.
Also I have a nice Gartley222 pattern forming on my 120 minute CL June futures chart. CL holding here for a few days would create a pivot for a bullish swing.
When it comes to the LT picture I am siding with the folks who give great weight to the ever increasing consumption from the developing world.
While there may be money to be made on the downside some spectacular up moves could also be missed because one is looking the wrong way.
I am scalper in crude for 3-5 ticks from both sides but I would start scale down buying a position below $58 for eventually higher prices.
Regards,
GC
hi again
I hope to be short this week around 62.00, target below $60.00. if unsuccessful, I will wait for a significant break over the $67 before going long again. We shall see. Anyways , my blog is updated with new analysis for the June contract. and don't be shy to leave comments. Good trading to you all
www.liofmc.blogspot.com
I hope to be short this week around 62.00, target below $60.00. if unsuccessful, I will wait for a significant break over the $67 before going long again. We shall see. Anyways , my blog is updated with new analysis for the June contract. and don't be shy to leave comments. Good trading to you all
www.liofmc.blogspot.com
I was hoping when I started this thread that we would hear from some people in the trenches.
In some of the other threads about scalping or VST trading they don't even mention CL.
At the moment this market is still under recognized by the trading public.
When it comes to game playing by larger traders when looking at the bid ask stack I sometimes see 200 300 lot order accumulation at a particular price that disappears when the price gets closer, so one could assume that some game playing goes on.
GC
In some of the other threads about scalping or VST trading they don't even mention CL.
At the moment this market is still under recognized by the trading public.
When it comes to game playing by larger traders when looking at the bid ask stack I sometimes see 200 300 lot order accumulation at a particular price that disappears when the price gets closer, so one could assume that some game playing goes on.
GC
That happens on Globex for basically everything traded. I see it all the time in the FX futures. Mostly just automated arb boxes I imagine. I wouldn't read too much into it. Same thing with Nasdaq Level 2, useless noise since the 90s. Price/volume is all you need.