K, so let us compare Fibbos, over the same time period yesterday. Here's mine... Times listed at bottom of chart are EDT from yesterday. Do they make more or less sense to you? Do you see 50% opportunity there?
Drawing fibs this way uses them as attempts at S/R levels or Pivots. Maybe they respect a fib line and maybe they don't - I was never able to rely on predictive odds using this method, but perhaps other traders have. I use fibs as a quick volatility range expansion calculator based on specific setups that then have specific targets - in advance, before they reach their targets. In the end, regardless of how you draw them, if you have a repeatable edge, and your tools allow you to identify entries and targets with 70-80% odds, you have something worth trading.
Today served up another example - 2 trades. Trade #1 brewed from London lows and hit both likely as well as aggressive targets. Trade #2 hit its likely target and would have required holding through API inventory report to hit its aggressive target (no thanks, not necessary): ES also obliged, one trade in each direction. The likely vs. aggressive targets on ES are more muted since it is less volatile than CL:
Is it now "So much for OPEC, later alligator", or is this sell-off some sort of knee-jerk whining about them not deepening the cuts?
With the emergence of North America as a huge energy player, OPEC is losing their power overtime. They don't control prices like they did in the past. I think North American production levels now control the price of oil.
%% I like the way ,believe it or not, he noted Rich ''turtle trainer'' Dennis article, as first getting him [PTJ] interested in trading .....................................................................................
%% LOL; that's one reason i seldom major on May 17-June 2 am 50% of day charts. I'm not against 50% ...............................................................................................