From a pure technical price action point of view, why did price find support where it did at 9:47am and 10:53am?
The CL/NQ experiment
- Thread starter Gabe2004
- Start date
From a pure technical price action point of view, why did price find support where it did at 9:47am and 10:53am?
The only thing I see are the peaks and troughs that I have circled but if you would not have mentioned those 2 times, I don't think I would have found the circled areas of significance.
What am I missing?
Gabe
PS They are in a 50% retracement area (give or take) but it depends on where you take your extremes from.
Attachments
Attachments
Maybe this is a better reason
Yes, that's it. Part of my prep before trading is to draw TLs on the 5-min chart from the overnight session. These become areas of interest for initiating positions and taking profit on trades I'm in. When price approaches these key levels, I focus on the 1-min chart for precision entries and exits.
3rd day with my random entry system on CL today. Wish me LUCK!
(Pic is actually yesterday and the day before. 3rd and 4th of feb)
The chart you posted today doesn't appear random at all.
To me, the crux of a random entry system would be the time of entry to ensure that trader bias isn't involved. Something like put on a trade every N minutes (unless still in a trade.) Once a trade is closed, the N minute interval resumes.
Also, are profit targets a certain multiple of the stop loss?
What determines whether to go long or short?
http://www.virtualcointoss.com/
I stopped after 500 consecutive tails.
Not realistic in my mind.
Gabe
Couldn't resist.
1000 consecutive tails.