Visaria, I use S/R levels to work my trades. On your overnight trade, there was a lot of previous resistance @ 105.24, so if that level doesn't break on the first try, you can take your profit (a point ain't too shabby, either), then look for a re-entry if you think it may try R again and break. Or you can hold there with a stop below a previous bar or a previous pivot low and see if price gives it another run following a shallow pullback.
I tend to over trade in ranges because I'm trying to stay positioned for the break out of the range that eventually occurs. I will often have quite a few scratch trades before I catch the wave in whichever direction it ends up going. I used to have those back-to-back scratch trades, then step away in frustration, missing the big move. Now I'm ok "fly fishing" for the eventual move. I usually lock in a tick or two to cover commissions, so no big deal.
boy what a day !!!!!! - Asian session low 103.33 provided the general direction for the coming US day session today and CL behaved .. - double bottom 103.80 - top resistance 105.20 levels
Didn't know that was the Asian session low. Where did you see that? BTW really great trading today. WTG. I'll PM you to ask about that loan. Don't worry you're not on the hook for the entire amount. Mrs. NoDoji has agreed to spring for the rest.
Visaria, I trade off of support and resistance levels too and whole dollar amounts. And sometimes I'm just looking at and "feeling" the DOM price movements for a "feeling" of coiling for breakouts or weakness leading to pullbacks or selloffs. And although I haven't been using Fibonacci levels per se lately, I have that embedded in my psyche looking at charts and just see where they are.
Yes, very well-behaved action today. For those who track 60-min bar levels (I do), Friday's 11:00am ET bar low was 103.33. These levels get tested as price moves from level to level. Also 103.66 was possible the measured I called from the distance of yesterday's morning sell off, then off yesterday's very wide channel high of 105.96. It took a long time to put in that move, but enough traders/bots must've had that level noted from the day's session to give it a go in the overnight, because there was a weak attempt to bounce off it during the 2:40am ET 5-min bar.
They just asked Bertha Coombs on CNBC if crude traders felt a top had been put in and she said it was just the opposite. She said the biggest demand was for May $150 calls. I think she was reporting from NYMEX. ADD There's a guy on CNBC now saying we can see $130 in the next few months. And then he sees $94 level by the end of the year.