The Day Trading Thread

Well looks like alot of resistance on the hour chart too. Just gotta wait and see what happens.

Price is showing some good rejection to on the 1 hour chart. So I use the 3 minute chart to get a better entry short incase price break down. Obviously, crude oil is in short the couple of days/weeks, so that goes in my favor too.

 

I ask because this is trading range behavior big up..big down..big up..big down..big up...probable another big down to follow. You are buying in the top 1/3 of the range. I just wanted to know your reasoning as I would be shorting and adding to my shorts. It is headed for a quadruple top too.

Of course, it could BO but odds favor if it does it will fail. But if it were to succeed with follow thru then I would exit my shorts (i.e. take my loss) double up and go long.

Post a chart showing what happens later.

Thanks

 

Don’t forget MA gaps WHEN gauging buying/selling pressures. They show bear/bull strength.

 

Here is the wedge top in your previous chart. Plus overlapping bars in wedge. Tails on top. Range i.e. doji bars all signs of weakness. No follow through by bulls or bears stronger. So the wedge is just a bear flag. Also the highest price in the wedge barely made it back up to BO point south out of the range and closed with a tail on top. More weakness. I would opt to take the second entry in blue circle area for the ride down. First entry is that second red bar after the top is made with the tail on top.

 

This is how I interpret.

crude oil went up significantly during recent US session.
The time to enter was about 12 hours ago. Now it is too late to enter,
too late to analyse charts.
During the next few hours, I wouldn't touch it at all.



crude oil is sensitive to news / events / inventory level / important meetings

 

Goodnight. I am retiring from posting. Tired.

 

Tradeslair,

Smh you seriously asking a grown ass man why he can't make 1 post.

Man leave that guy alone.

padutrader is a good trader and post charts, which is rare. The man never attacks anyone. And trades price action. What more can you ask for?

Let's get back to trading and make some money man.

 

Lol, I hear you man.

 

sorry i thought you may be using some black box software which draws those red and green ones

 

I got to admit that 3 pushup and breakdown or 3 pushdown and break up is one of my favorite patterns (I don't treat it as a setup though) for scalping. It works over and over again for so many times and years. When there isn't any setup to trade, I can kill my time which I just did by scalping for >1-pt just for as shown in the screenshot, which is enough to cover daily expenses.