Thanks for the pointer. While I traded this damn thing on and off for years, I was never engaged like I am now. Unfortunately, it also allowed me to see many things that eluded me in the past. One thing that really throws me off is the ability to draw trendlines using the continuous chart. A real pain in the ass. I will follow your suggestion and use QM instead. Many thanks.
A rebound from 72.10 is in order today Max we can drop due to stop hunting is 71.80. Should not fall below
Every reversal had a "hammer" as its daily candle formation. I'm betting the low will be near 71 for now. Even 70 is not out of the question in my opinion. But what do I know? I thought the low would have been made near 75!
This chart may help. This is a composite volume histogram plotted from just before the intermediate swing on 12/16/09. Not saying we are sure to go higher, but I also anticipate the VPOC around 75.00 is eventually re-established as support. 73.50, 74.00 & 74.30 will likely be a bit of work if prices begin to auction higher. Nice strong doji on the last 15min of Fridays session and current pre-market trading holding just under 73.00. Furthermore, despite the close near the lows of the session on Friday, value remained overlapping to higher.
Personally, I don't place much faith in intraday candle patterns. But I hope you're right. Also if ES heads higher tomorrow, which I think it will, that will propel CL up with it. Anyway, I'm signing out for the night. Cya folks later.
I kid you not, I made the highest print: 73.55 minutes after the market opened, a result of front-running by some thief co-locating his server with NYMEX server. I was using market order to go long. Then at the bottom I shorted and was filled at 73.072, again market order. I was sub-pennied! I was both front-runned and sub-pennied by the crooks. Got to stop these crooks!
When I make bad trades it seems someone is out to get me but in reality you are your own worst enemy. Try not using market orders. If your buying just put a order .02 above or below the direction your going
Now I understand why Toni Turner (author of Day Trading Online) said the market makers would laugh their ass off the chair if they see a market order coming to them. It's like giving money to the market makers.
Sometimes, it's necessary to use market orders, especially when you're wrong and you need to unload quickly. But overall you should go with limit (or stop limit) orders to avoid slippage.