I was really hoping nodoji may show up here and comment on todays CL price action. I just see three good opportunities in the timeframe that I trade. 2 long pull back trades and 1 double top short. any and all are welcome to comment. Thanks.
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There were several clean pullback long entries today: Just before NYMEX open, then the 9:25am and 9:40am ET bar breaks, then the 10:45am bar break. Upside b/o's weren't bad either. I accidentally traded through ADP (thought it was 8:30, not 8:15), and was fortunately on the right side of the action. I'd shorted a break of the 7:55am ET bar low and price suddenly went bonkers, down and back up. My b/e stop was fine through that and I watched the revisit to break the spike low fail, so I did a stop and reverse off the 1-min chart, catching 22 ticks downside, followed by 41 ticks upside on the breakout. The upside b/o looked like a failed b/o because it started pulling back after it failed to break the overnight high of 72.75, so I bailed on it. I didn't trade again until after the ISM and crude inventories. Crude inventories produced a very shallow selloff and price came right back to make a new high, giving me a long bias I took the first pullback long entry after inventories, off the 10:45am ET bar break, long @ 73.89, and exited for 19 ticks when price broke the HOD by only a few ticks and pulled back. I started thinking possible reversal signal and this CL monster ran right back up again and made a new high 40 ticks from my exit! So once again what appeared to be a failed b/o faked me out and then ran hard. I traded off a lower high in the mid-day range but had to put in a wide stop because of the large bar that retraced, and when the bar low break was a failed b/o, I was so conditioned not to trust fbo's at this point that instead of bailing near b/e like I normally would, I left the wide stop in place and guess what happened next? OK, so down 24 ticks on THAT trade, I decided to avoid the midday range. Later as price began an approach toward the HOD, I placed a buy stop there, but price failed to get there, leaving a LH and I watched for a reversal signal. The 2:00pm ET bar closed looking like a good potential reversal setup and I took a short position @ 74.10 during the next bar's action and covered for 21 ticks on the pivot back up. The only reason I caught this final trade was because I was eating lunch AT my desk.
TOS has its own webcast window to see the presentation. I'm not so sure if there's a way to hack yourself in from outside the TOS platform. But today's webcast will be archived so you can review later at your leisure. I'll let you know where you can download it once it becomes available.
Thanks! I was just amazed when it was all done. (Though I did whine a bit about leaving $$ on the table by not just holding the long...)
+1 as well Appreciate introducing this to the thread - liked how it held the upper region all day. Nice.
NoDoji, I can't thank you enough for taking the time to write in-depth trade by trade commentary. Very educational for a new price action trader like me. I went over it trade by trade. Thanks. The check is in the mail.... Following Al Brooks do you use a 5 min chart? I looked at the 5 min chart(please see attached), shows very different price action than my volume chart. Seems to show consolidation and breakouts much better. great, thanks again.
NoDoji, As you know, once one of the ET masses makes a breakthrough in their trading, or even suggest such, they become both the object of scorn and ridicule and the new bearer of the holy grail. I hope you are able to tread in between. that said, It would be nice if you would post charts of your trades. (gives both the naysayers and the mentor seekers more to work with ) Actually, it is much more informative to see where you enter and exit based on the price. Just a suggestion. Don: