Oil has added 12 points to my numberline in the past week or so...the relative change in momentum is there. Will be watching for an entry off of a failed a down in the next couple days. Oil inventories due out tomorrow so watch out for that
Interesting that my longer term number line was telling me that there'd be strength in the XLV coming into this week on a swing basis. Sure enough, there's the XLV failing the weekly A down today. Also expected to see this type of action in the XLP, (who knows what tomorrow brings). Makes sense that the lines are showing strength in these defensive sectors coming out of the recent test of the quarterlies, but I can't help but feel a little unsettled given that close today.
Pivot tracker value is the difference between daily pivot range high and low. Pivot high= 10 Pivot low= 8 Value=2 any 3 consecutive days showing shrinking value is a signal of increased Volatility/breakout. Note= CL 30 days number line for last 4 trading days 6,11,11,11
so what it the point of the article? is there more edge collecting baseball cards than trading, bottom in NG?
Thanks for the update. That makes sense intuitively. Basically the 3 day shrinking pivot he talks about in the book.
When the news hit I think there was a fear being that Arnold was the largest player and liquidity provider in the space that there might not be a major player to sell to which caused the sharp selloff. The guy was running a 5 billion dollar fund that solely focused on nat gas. That is a huge vacum now in the space.