@CL_Ftrader: Is the algorithm signal service you advertised in another thread (for some reason I am unable to find that thread) based on formations like the one presented in your chart above? Just curious. Regards, Monoid.
Nope it is not based on that chart. That was just a good formation I saw and was wondering what other traders thought about it. If you want to see the algorithm then go to my Twitter account. I'm just going to share big formations that I see on /CL here sometimes
Thanks for your response. I am not interested in 'seeing' your algorithm outputs, but just wanted to know what the basis for those signals were. Regards, Monoid.
No worries mate. I apologize I just didn't understand exactly what you wanted. This is what a normal chart of where I get actual signals from.
I don't have volume profile (Tradestation user) but given the amount of time CL has spent $58-61 recently I was surprised to see the low volume node on your chart around $59.20ish. Probably needs to fill that in a bit more.
If you look at the lower channel that was broken we consolidated there and then when we retested it and double bottomed there they must have accumulated. Looks like a lot of volume there
@CL_Ftrader: Thanks for the response. No need to apologize. Have no opinion on such chart patterns. I don't trade that way. All the best. Regards, Monoid.
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.