Here is a longer term (slower volume bar chart). Top Portion: 2401 Volume Bars You can faintly see the session lines in the background. Price and Description labels are created in real time and are based on the "Extreme (Prime) Oscillations" from the next fastest chart increment (343 VBC) in this particular case. These oscillations show the perfect trading waves in-between the "Extreme (Prime) Oscillations". Currently Long with a 59.500 STOP and a 62.500 TARGET. I am confident that price will go UP, just not that it will Breach 62.500 because it is fighting the Divergent Trend Price Resistance top that was created there. Trend on this PARTICULAR chart is a BEAR. Trends are chart SPECIFIC in my world. Bottom Portion: Ergodic Indicator Blue to Red = Verifying a top oscillation has been created Red to Blue = Verifying a bottom oscillation has been created Top created =/> than top horizontal Black line = Prime Resistance Bottom created =/> than bottom horizontal Black line = Prime Support Price and Description labels are created in real time and are based on these "Extreme (Prime)Oscillations" from this particular chart and are what defines the TREND OSCILLATIONS. The Histogram is simply the slope of Price inside each oscillation. The "Prime Bear" label is created, in real time, and tracked by the labeling program. I add the Trend lines for those individuals that don't realize price only goes up and down. They serve no purpose. Price is always either coming from, or creating Prime Resistance or Prime Support . . . impossible to do anything else.
I've been trading stocks in the oil patch, but I'm interested in perhaps trying the cl futures. I'm in the dark as to the process and would like to ask a few probably dumb questions of you guys, Which brokers do you guys use, what are the commisions? What type of charting information do you use? Can you outline a typical cl trade, let's say I'm looking to make $1k on a trade at current price levels, looking to trade a move of 50 cents, could you break that process down for me tia for any help
Aright ....high of $62 let see if it can go higher( to $64). But I have the feeling the CL is forming a double top. mmmm www.liofmc.blogspot.com
Thanks, ProftLogic! The trendline threw me off... I don't claim to be an expert but I think I get the idea after your explanation. Always a little bit of science with a bit of art, lol. good luck to you for the rest of the week
looks like oil won't go up to my $64 mark. Just what I expected, the CL is forming a double top. full analysis tommorow www.liofmc.blogspot.com
Hello, Proftlogic, I'm long with you right now, always nice when you're not the only long. I'm not seeing the double-top, but rather a possible breach with resistance in the 63.25 area. In the unlikely scenario that I am correct (lol), would this likely lead stochastics into a long-term bullish trend? cheers, Jeff (I will consider taking some profits at 62.50)
good analysis jjgallow. That what I love about trading, I'm bearish , you're bullish, let's both watch what the market will produce. The reason I'm bearish is because the CL failed to break last week high of 62.50. If the CL can break that resistance , I will reconsider a long position. !!good trading !! www.liofmc.blogspot.com
My STOP is 61.150 and I'm seeing weakness up here too. Remember I said I wasn't confident 62.400 would be taken out. My long is aggressive.This is consolidation time and where I let my stops run.
With the double top confirmed, I expected more bearish movement next week... I think a Limit short @59.47 is not bad. My blog is updated. Have a wonderful weekend guys cheers www.liofmc.blogspot.com