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Chart reading quandry

  #1 (permalink)

Dayton, Ohio
 
Trading Experience: Beginner
Platform: TOS
Favorite Futures: GC, CL, Eurodollar
 
Posts: 34 since Nov 2017
Thanks: 25 given, 9 received

Chart reading quandry

My favorite trading vehicle is /CL (crude oil futures).

I don't know whether my chart (or other) indicators are lacking, but recently I've run into a series of price drops or price increases that come out of nowhere and continue for brief or longer period of time, then trading resumes its normal somewhat up/somewhat down pattern.

For instance, in the attached pic, on the left, crude dropped from $58.80 to $58.30 in the span of a minute to a minute and a half. BOOM! I saw nothing to indicate that it was coming, nor did I have a feel for when it was going to end, until the price had moved back up to $58.40 - then I figured that $58.30 was a short-term bottom.

I try to capture a nickel or dime move on 10-20 contracts, and if I was long during such a drop, or short during the reverse, it would be "stressful".

I would greatly appreciate any suggestions about what resources I can seek out, or modifications that I can make to my charts to give me a better feel for price movement so that I can reduce my chances of being caught in such down/updrafts.

Thank you.

Attached Thumbnails
Chart reading quandry-clf8.png  
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