Hi there Mr Breakout I have been following your posts for a little while now and find them most informative. I have an enquirey with regard to your long entry yesterday at 105.70. I believe your OR low was 105.74. This level was first compromised at around 12:37est on high volume, which I presume kept you out of a long that time. When it was tested again at 13:11 did you just look to see the state of volume (it was nothing special) and decide to jump in or did you have an order in already to fade it as a matter of course? I presume it was the former but I wanted to confirm that I was reading your technique correctly. Thanks for your posts, I am really enjoying them and hopefully learning something too. Cheers Hi Mickey, Thanks and i am glad you find my posts informative. Per my OR, we had an A up- meaning price stayed above 106.20 area for 20 minutes. I tried long at 106.12 area as i expected 106.50 to be taken out. A up turned out be a weak one and price pulled back to 105.70 area and stayed in general area for a long time. I got stopped out of my long. My set up of long from 105.70 area was on the premise of failed C down. I looked at daily pivot being there, daily pivot range support being there, globex session low in that area but more importantly PRICE not breaking down. Market makers basically will take price from 105.70 to 105.90 area and bring the price down giving the impression of weakness and luring in lot of people to short. Once they got enough traders locked in with short position and it became worthwhile their effort to clean these shorts out, they took CL 100 ticks higher. Another equally nice set up was short at 106.72 area- which i missed. I hesitated for 2-3 minutes and was more focused on protecting my gains then trading the set up. 106.72 set up is based off the fact that price was taken to that level on huge volume. Thus as a tape reader expectation is price to make new high after some consolidation- 2-4 minutes time. It did not. if it does not go up, it must come down. So, shorts were in order. Chart is attached. So there were lot of factors for this long. I never know for sure as price could have easily fallen to 104.50. That's why i try to stay away form indicators and focus on market makers thinking , ACD reference point etc..
Pre open trade . Short 106.67 , cover 105.90. +77. I was short 2 cars but covered one with scalp as we had 8.30 news, so anything could have happened. We are very close to making A down but on DOE report days, i do not pay much attention till DOE report is out- which for today is at 11 am.
april grease shower. looks like they found a few more tankers floating around at the old price..... 3 sisters short in euro session fib the retrace in the dark zone to a shop cahuna exit. lower is possible. s
I have just asked my trading buddy what Three sisters meant. He said Trouble!! But then I don't think he was referring to trading. As I'm English the only three that I know are the Beverly sisters. Could you enlighten me as to the meaning. Thanks in advance. Explanation: I got 3 sisters from shopster. 3 sisters is a name given to long wicks at bottom of a candle at a support. I normally look for 2 5 minutes bars to show some support like my long of 105.50 was at support of 106.46 level. 106.46 does mean anything if price does not stop there and show some wicks. 3 , 5 minutes bars is ideal ( 3 sisters) but we do not get it every time. If you look at 5 minutes chart at 106.80 area from this morning, we can see price struggling there. No guarantees just put stop loss in and WAIT.
Covered some at 106.74 and got stopped out on rest at 107.16. Now short 107.94. I misjudged the up move as price pulled back to 106.74 - OR high - after confirmed A up. Overall still a good day. NOTE: main difference between yesterday up move and today's is that yesterday up move was with too much speed , which generally is unsustainable and that's why CL pulled back 70 ticks after hitting high of 106.72. Today's move is a very measured up move. No speedy, Jerky up move and price has not pulled back as it hangs around 107.95 and torturing my short (lol). So, i knew with this short that to get paid I will have to hold it for some time and still set up may not work out.