thx cstfx about the stops as risk amts. can you elaborate on why this is a scalper's day? and what you mean by you dont trade like this usually? my understanding is that: you read today to be rangebound between (74.20, 74.70) and were trading based on that. thanks
Regarding a "scalper's day", I think the morning had some decent moves, but the price action wasn't as clean as usual. CL also diverged from the ES, which was technically about as clean as it gets today, leaving me wondering why I didn't trade it. Because CL had a mind of its own today, I was unable to use ES for confluence. Patterns I normally see in CL were absent today. I was positioned early in pre-market for a b/o trade and it failed, leaving me with a scalp because I chose to exit before the econ news. My second trade looked good, but came back after showing me 16 ticks. The triangle breakout at 10:15am ET also behaved inappropriately. Normally a break like that has a second bar of follow through. I forgot to have my order prepared in advance for the bar break, but had no problem entering late based on the "this price action looks weaker than sh*t" signal. I was looking for a new low, and although price made a new low, there was no usual second bar follow through and I watched my 17 ticks profit end up b/e. I then felt the LOD was in and took a resistance b/o trade when price pivoted off a much higher low. Sick of giving up profits, I put in a hard 20-tick target, lifted 2 ticks from the RTH high. This trade was as easy as it gets. I had some trades in the ugly midday chop, got nothing and gave up. So there you have it, a scalper's day. Take your 10-15 ticks per trade and run!
For the ones that are interest it, yesterdays Value Area for CL today VAH=74.80 VAL=74.40 So far we having some resistance at the VAL.
We are holding under the yesterday Value Are low, (74.40), if it does not close above by 10:30, it could be a bearish signal.
I saw distribution at .40, but if the ES and EUR keep going up they're going to pull the CL with them