yes the cl is controlled by about 6 large traders and blows thru those nips /cleaves on a regular basis, hence doesnt work so well in cl,it also trades in a narrow range 4-6 points,the reason for hand charting is the repetition,market works so repetitively and you wont see it because mentally you try to get it to fit your position, mental blocking, hand charting eliminates that as it just a motor activity, doing it gets the mind to accept what the ego tries to block...biggest hurdle in trading ....life...the truth ..... is yourself
Yes ... CL is a horse of a different color yet you use MP to trade it. Is it that CL is a bad instrument to learn MP but a good one to trade or something else? I hope these questions are not taking you off track. This is clearly a valuable thread for novices that aspire to use MP correctly.
mp is a tool that measures vol and time at price, cl is just too thin, larger timeframes show where the big players are, so in that sense it works,but still not as well, often times they will turn before target ,like a point or ,50 cents, so you would have to adjust your strategy to fit the games being played by the manipulators, in a thin market they are also using mp and gaming the less experienced mp users thinner the market, easier for the big players
take 5 .5 off of the spx numbers, spus went up and tested the 29-27 area , held as res, now pulling back to the 23-21 area possibly done with the bounce and heading for the 05 area, the large curve is being retraced back to the cleave
we've completed the retrace of that upper curve, from there we wait for direction and follow to target, nearest ledge, then nip above or below, cash hasnt traded down to that 99 yet on the 1 yr