Look for the opening range of the first half hour it usually gives you a direction where the big movements go for the day, today I was Bullish, thinking bears will take profit, but once I saw the direction after opening range, I change my mind. Pick 83 cents in a contract.
I consider opening range regular trading hours, I particular look at it from 9:30 AM to 9:45 AM ET, at the breakout of this range, and confirm it with my Market Profile Structure. Of course I also look at the fundamentals.........sometimes I stay out even if Tech Analysis are telling me otherwise.
It ain't as manic as ES but the CL crowd still gathers to the annoying chant of "boo-ya!" Possible target by Tuesday: 78.50-ish. Now that's scary, no?
i have a pretty big long position i will sell about 75% of at 78.50. Or maybe 50%. Depends. Seems like we should get there....was hoping it would happen tomorrow
That could very well be. I'm just being conservative. As I wrote on Friday, what I specifically want to see is a narrow range bar on Monday. That will be very bullish. In that case, we might even surpass 78.50.
CM Control-Bar Price Study Having spent the past four years dropping in & out of this forum, it occurs to me that most of my recent posts did exactly what I despise: no positive input for the silent majority of solid citizens here. So let's start out in a different direction today. Above is a link to one of our price-action only measurement studies which helps identify key pivotal zones in any market. I personally use this on my filter(anchor) chart to anticipate pending S/R zones and confirm reversals or pullbacks as they happen... not after the fact. This is a pure price action study, nothing else. Consider it free "snake oil" or pure gold, whatever you see of value to yourself. Works in all markets and timeframes because price is price, and that's what price action does. Roughly 50min recorded video of a live HotComm presentation for 450+ registrants back in 2/08/10. Will post charts at times in this thread that help identify how the process unfolds. Hope this helps :>)
fwiw: so far today I've gone from +50 cents to +75 cents to +50 cents to +80 cents to +50 cents CL on too many turns. Violent sideways action as expected & noted premarket. When the CL moves sideways, it does so in spectacular fashion