Wow they broke 99 with FORCE. long 98.82 stop loss 98.69. trade is off yesterday close of 98.78. CL will have to go above 99.30 to have some upward move to 99.80 area.
Possible reason why it took 6100 cars to break 99.20 level. daily pivot of 99.05, daily pivot range of 9.12 and 99.01 were all there also. So, we really needed FORCE. You and I not going to break that level(lol).
99.20 was support , now 99.30 is resistance. I will short there till taken out. Nothing wrong with 5 ticks stop loss there. Above 99.30, 99.80 area will be short area for me since we have A down. If 99.30 is broken up with conviction , nothing wrong with going long on pullbacks with target to 99.80
short 99.14 stop loss 99.31 . cover 98.43 ( yesterday low). Man O man. It's days like these which makes CL worth trading. Daily support is 97.68- 97.55. And daily close under 97.12 targets will be 9500-9400 in coming days. Trying to pick bottoms on STRONG A down is not a good trading method. So far, we have only gotten short covering bounces. So be quick with profits if counter trend trading.
Good journal, but only serves its purpose if you learn from it. What learning are you doing via your journal and how do you plan to improve your trading?
Great trading MFBreakout ! Learning ACD is definitely on my to do list. You write that you also employ market profile. What do you look at specifically ? I have studied MP for a quite some time and think it is a good concept to look at the markets, however I only look at the levels....the HVNs and LVNs. Maybe you could expand on how to combine MP with ACD in your future posts ? Keep up the posts !
Thanks. Just add ACD to your current system. HVN, LVNs are good but i do not understand them yet in terms of execution. Maybe you can post charts to show levels. I just look at 24 hour session profile and pay attention if couple of days POC line up or when market moves out of VAH or VAL after 3 or more days of staying within same VAH and VAL. I look at Market Profile to look at data and ACD to execute trades. One can see that price never went above 99.30 after 99.20 got broken. It may go tomorrow but not today. Even tomorrow it will require some serious buying to break above 99.30 and if it does i will be looking for longs on pullbacks. That's just one of set ups.
This is in response to a PM i got asking what so special about ACD. One page #3 of this journal I posted how maverick74 looks at ACD. That's a very good explanation. Mark Fisher firms clears 1/3 rd of daily crude volume. I pay attention to anything he says. Some of the biggest oil traders work for him or has worked for him. However, as Mark said in his book he taught ACD to 4,000 traders and 1/2 of them slept through the class (lol). Method needs to suit ones personality. All methods work. One just has to be lucky enough to find one before wasting too much time and money. ACD seems to work for traders who like simpler approach to trading.