Kid good article on OIL fileds yet be developed are part of future required OIL . One way it is scary to see where we get all that oil as the current oil fields are diminishing as shown in the graph. On the other hand, we have today 50 mpgh ( miles per gallon ) Hybrids for $23k price. In five years ( by 2016) if the price drops to $15k matching regular car prices , half of US will be using these cars that will solve some oil problems. same case with China. if US , China , India if 50% use hybrid cars in next 7- 10 years , we may not see major oil scarcity . we still need oil the same way we are using it today , but major panic scarcity will be avoided . of course US and rest of the world will build nuclear to support all the electricity needed for these Hybrid cars in next 10 years.
Mainly I place stop orders in advance at the price that triggers an entry: the break of a previous price bar's high/low, the break of a floor/shelf in a descending/ascending triangle or narrow range, or a previous high/low in a trend. If I over think a pullback entry setup and don't have my stop order placed in advance and miss the entry, price almost always comes back to, or very close to, my intended entry price and offers a second chance to enter via a limit or market order, and I do that often.
Analyzing my own one CL trade today. I entered at 89.60 on the pullback which became more of a selloff. And it was obviously a counter-trend trade. Not sure what made me pull the trigger on that as it's generally not my style these days. At least not until it's based more. Must have had a flash back. It wasn't IV's entry at that level as I didn't even see his until I had posted my own entry. I drew some horizontal lines last night. And one was the Tuesday high of 89.57. And I think somehow seeing that I saw it as some support. Resistance becomes support. Shakes his head. In retrospect, a pretty sketchy support level. And the trade looked okay for a couple of minutes and I was going to just do a mental stop and then thought no I better actually put one in. And just as I tried I couldn't. My data feed connection had cut out. Sheesh! Actually this was using NinjaTrader 7.0.1000.3, the new one. And I've been having issues with the Zen-Fire data feed that tlow has offered to help me with. But I like the charts better. Anyway, I should have stopped using it and switched to NT 6.5 as I had another problem earlier on a TF trade. Lesson being an obvious one for anyone except for me evidently. If your software or data feed aren't working correctly don't use it until it's fixed. And by the time I shut it down and reopened it, it was down to 89.10 which took one minute while I was gone. And I decided to let it go at that point. Fortunately it did eventually bounce, which by that time I expected it too. But you never know. And I'm not averaging into losing trades and in fact am only trading one contract for now. So I consider myself lucky it did come back. And one last thing is my market call of a pullback on profit taking for the indices ahead of a long weekend with Middle East uncertainty was obviously totally wrong. This is the reason you get in trouble trying to trade based on an opinion of what will happen. You just don't know even though you may think you do. The more you're convinced you do know, the more trouble you'll create for yourself. Have a great weekend. See some of you Sunday night and Monday morning.
Thanks for the two replies on this topic--would love to hear other thoughts as well. NOD--do you ever enter buy orders BELOW a range? For example, look at 7:38 to 8:00 central today. Price was creeping up in chunks followed by breakouts from each chunk. Would be nice to get long at the bottom of a chunk. Entering a buy stop order at 89.53 around 7:52 central would have been nice--a no-heat ticket to the uptrend. Problem with ideas like this is that it's easy to look at a chart and figure out how you coulda been a hero--the same idea could lead to ruin if things worked out differently.
Quote from InvestVision: you don't need to work hard for this book , as you already have 2 years worth of postings on your journal , all you need is compile them and edit. Actually I think IV has come up with a great idea (other than the part where he comes up with the money and makes all the profits )
so the article blames last day March contract selling caused the big drop , seems big traders are not interested taking delivary squared off the contracts ( opted to sold instead of taking delivary ) so the spread closed around $3.50 ( so last day spread widened from $2.75 to $3.50 ) ... so based on this , once MARCH selling pressure is off , I expect OIL monday morning session up as usual ... ------------ http://af.reuters.com/article/energyOilNews/idAFN1812015020110218 NYMEX-Crude edges down, but Mideast stays in focus - Fri Feb 18, 2011 9:48pm GMT * Pre-expiry selling erases short-covering gains ( morning session short covering when OIL traded 9090 level ) * Mideast tensions up, oil supply worries persist * China raises bank reserve rate, spurs demand worry * Coming up: NYMEX March crude expires on Tuesday NEW YORK, Feb 18 (Reuters) - U.S. crude oil futures ended lower in volatile trading on Friday in a bout of profit-taking and position-squaring ahead of a three-day holiday weekend. Late liquidations ahead of NYMEX front-month March crude's CLH1 expiration on Tuesday snuffed out gains spurred by pre-weekend short-covering. But persistent worries that the unrest in Middle East and North Africa could disrupt oil supplies from those regions kept investors cautious and helped limit the day's losses. Near midday, crude futures extended gains on news that Egypt had approved the passage of two Iranian warships through the Suez Canal, a move that Israel's foreign minister had described as a "provocation." [ID:nLDE71H1ZR] Much earlier, a move by China requiring lenders to raise reserves to a record level, a further step to curb high inflation, helped pressure prices * Money managers cut net long crude futures positions in the week to Feb. 15 to 163,670, from 178,432 the week before, the Commodity Futures Trading Commission said. [ID:nN18106932] * China raised banks' required reserves by 50 basis points to a record 19.5 percent, showing no let-up in a drive to curb inflation. It was the fifth rise since October.[ID:nTOE71H068] * Bahraini security forces fired on protesters, wounding more than 60, as crackdowns on pro-democracy unrest buffeting the Middle East and North Africa turned increasingly violent. [ID:nLDE71H229] * In Libya, soldiers fought to suppress disturbances in the city of Benghazi, while oppositionists said they were fighting troops for control of a nearby town after security swoops in which U.S.-based Human Rights Watch said at least 24 protesters were killed on Wednesday and Thursday. [ID:nLDE71H05R] * Several anti-government protesters were killed in the SETTLE NET PCT LOW HIGH CURRENT DAY AGO CHNG CHNG VOL VOL CLc1 86.20 -0.16 -0.2% 85.65 87.88 103,473 176,128 CLc2 89.71 0.87 1.0% 88.43 90.96 349,916 307,820 LCOc1 102.52 -0.07 -0.1% 100.73 103.50 202,337 210,884
here is the addition .. as the copy right owner , I will have right develop indicators once the book is published and market those indicators for all platforms seriously guys we know NoD follows AL Brooks , but it is complex subject , I think NOD can make it easy for us with Customized additions for OIL market price action TAPE . ---------- this Brooks page states Second addition is coming out soon with better explanation http://www.brookspriceaction.com/
As far as indicators go that might work. But her husband has already tried to create an ATS based on her rules. But it just does entries well and is a work in progress. (Am I saying it right ND?) As far as Al Brooks vs. NoDoji goes it's no contest. Al is hard to follow, while ND is a master at providing clarity to difficult concepts. Of course just being articulate isn't enough. For your explanations to be useful you have to actually know what you're talking about. And she obviously does.
Wiley will release three new books by Al Brooks with the first scheduled for publication in April ... but publishers are frequently late. All three are already written and none of the them are second editions of his first book but rather new books that he promises are much more clearly written. I think he intends for the trilogy to be a comprehensive and difinitive work on price action. That said, the subject is so massive and with NoDoi's talent for cutting to the point with simplicity and clarity, a book penned by her would certainly be a valuable -- a very valuable -- contribution to the literature. Except for one thing -- SHE WANTS TO TRADE -- and then trade some more. We are fortunate she writes as much as she does whether she ends up doing a book someday or not. I follow Al's work -- and sincerely hope and believe his next three will be in English -- and trade ES at the moment. It's just an easier way to learn from his daily webinar. Yet someday I know I will be seduced by CL and it is this terrific thread that will do it. You guys have put together on ongoing story here that is a pleasure to follow.