Niko, Do talk about your Oil trading. I'm an oil trader as well. I can talk about my limited experience trading oil as well.
Tonka, thanks for the idea, I have created a new thread http://www.elitetrader.com/vb/showthread.php?s=&threadid=277635 I don't want to intrude in DB's journal with trendless oil charts.
1-min is showing a hinge. Is anyone going to play it! Gringo Edit: The breakdown failed so lets find out if there's juice to the upside.
Don't know. It's the way price is moving that matters. Hinge, wedge, triangle, sqashed square on the right side. Price starting from wider swings in getting tighter and tighter and that's all you need to know. 3099 was rejected. If price fails again to go above 3099 or 3100 it would show weakness and may trigger a short. Gringo
Price refusing to drop and bouncing around 3095-96. Shorts become cautious or exit outright because it didn't go down as anticipated.
Price is just consolidating around 3097. May push up beyond 3099-3100 area or start dropping. I am not much of a fan on intra-day and my head's already tired from typing and looking at price and also being at work doing other things. The thing to note is how the lack of drop in price after the call for short was taken as a hint to exit by reading price behaviour instead of letting price take our stop out. Price is firming up around 10:41am EST and may attempt to push up but as I said it was just a bit of a demo demonstration and even that I'll just post one more chart to show what's happening. Price is pushing upwards and looking strong so far. Gringo