I would suggest that you keep looking at the bigger picture and waves. They can give you the bigger picture to help on your intra-day trading.
Once you get good at identifying the larger 2-3 day or longer moves, try using USO options to test out trading the longer time frame. You can start small with 1 contract fairly inexpensively. Your stop is what you pay to buy the call/put, so you can define your total risk before you place the trade. Once you have some success, you can apply that to holding for larger moves on crude when you see them.
I've noticed a pattern the last couple of weeks. Plenty of pre-market and opening moves for good 20-50 tick moves. Then it settles in to the bigger move of the day.
I'm not sure if Lance does this, but I pretty much end my CL trading before 11 am PDT, unless I am already in a larger trade. All the juice is gone by then and it usually just chops or ranges.
The following user says Thank You to Hickock for this post:
Thx. So on a 2RB chart your velocity arrows are just simply a measure of the bar duration time compared to the average of the previous 25 bars ie the number of trades or volume within the bars has no bearing on the printing of an arrow. Correct?
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Prediction is very difficult, especially about the future - Niels Bohr, Danish Physicist
The following user says Thank You to steve2222 for this post:
I don't agree with this (Unless you meant a different time.) 11 am PDT is about 8am eastern standard time and the CL pit session doesn't even open until 9am est. I find usually the best moves are often in that opening hour. Someyime 11:00 am est brings a move or 11:20.. I have mapped out through 5 years of statistics some pretty precise time periods when moves often occur...almost down to certain 10 minute intervals that happen time and time again. I call these hotzone times. I am not going to mention all of them, but between 9:35 est and 9:45 there is often a nice push.
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The following 2 users say Thank You to lancelottrader for this post:
That's correct...After about 10 minutes of the 9:30 open, you can often get a nice move . These sometimes seem to come out of nowhere and can pop close to 50 ticks very quickly. You have to be nimble and jump in, because they often move vertically without any immediate pullback.
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The following 5 users say Thank You to lancelottrader for this post: