Good job all techies , you guys are good at holding bars tick by tick. I am setting positions limit sell at 85.94 for over nite Asia action
A lot of folks on ET pooh-pooh technical analysis, but once again, it ruled CL today. 86.50 was the 50% retracement of the RTH range and when price failed to break that level and aim for the top of the channel (formed between 11:35am and 12:30pm ET lows and the 12:00pm high), a channel breakout then places the day's low in play. I, too, was a seller off that failure, but didn't hold for the full LOD break
You sure hell did. If this were ES Journal, you'd be receiving death threats by now. Very nice trading today. I can see why you have your eyes on 84, which I also believe will serve as an initial support, but I think 81 is very likely if the momentum picks up from here with all the perma-bulls panicking.
How likely do you guys think it is that we hit 81 before we go back up? Will CL go back up to the 90's?
<iframe title="YouTube video player" class="youtube-player" type="text/html" width="480" height="390" src="http://www.youtube.com/embed/qfResyFrqlM" frameborder="0" allowFullScreen></iframe> (Nice trading, guys and gal)
Can you post a pic of a "range chart" I think I have an idea of what you speak of but you've perked my interest.
Here's the chart of 10-tick range candle. I ain't too sure how effective this is and I would also like to hear some sage advice.