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CL Overview
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CL Overview

  #1 (permalink)
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CL Overview

Letīs talk about the big picture. I start with

- a weekly chart
- a daily chart
- a 60 Min chart with pivot ranges and 3-day rolling pivots.

Whatīs your opinion for the near future?

Attached Thumbnails
CL Overview-cl-12-10-weekly-week-33_2007-week-43_2010.jpg   CL Overview-cl-12-10-daily-10_03_2010-29_10_2010.jpg   CL Overview-cl-12-10-60-min-01_11_2010.jpg  
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  #2 (permalink)
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TempletonPeck View Post
Letīs talk about the big picture. I start with

- a weekly chart
- a daily chart
- a 60 Min chart with pivot ranges and 3-day rolling pivots.

Whatīs your opinion for the near future?

I welcome a CL thread, thanks.

Looking at your charts, I would say we will be in for a move up. But, I have to ask, are you a position trader (long term)? If you are not, but instead are a day trader or scalper, or even to some extent a swing trader, then I would caution against "predictions" of what the future holds as they will just taint your bias and your ability to make money "today" as in now.

I think it is important to be aware of the trend lines, but I use them just like I use pivots or high/low markers -- they are just information to help me plan targets around, and not necessarily information that helps me decide a direction.

Mike

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  #3 (permalink)
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Here are some of my charts for CL.

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Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #4 (permalink)
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Big Mike View Post
I welcome a CL thread, thanks.

Looking at your charts, I would say we will be in for a move up. But, I have to ask, are you a position trader (long term)? If you are not, but instead are a day trader or scalper, or even to some extent a swing trader, then I would caution against "predictions" of what the future holds as they will just taint your bias and your ability to make money "today" as in now.

I think it is important to be aware of the trend lines, but I use them just like I use pivots or high/low markers -- they are just information to help me plan targets around, and not necessarily information that helps me decide a direction.

Mike

Thanks for your comment.
I am a scalper/ daytrader and usually trade a 6 Range chart and have a look at smaller timeframes (1M, 5M, 15M).
But I also want to know where we are in the big picture. For example: After a NR. 7-Day (or inside day) I watch how price reacts at previous days high/ low and look for breakouts.
I quite agree with you. Trend lines or pivots can be used as targets or possible entries for scalps if price stops at these levels.
Here is a chart from last friday.Trade opportunity when price broke 81,31. Possible target could have been the trend line in my 60 Min chart above ( area around 80,85 -80,90).

Attached Thumbnails
CL Overview-2010-11-01_1009.png   CL Overview-cl-12-10-15-min-01_11_2010.jpg  
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Big Mike View Post
Here are some of my charts for CL.

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Mike

Thanks for your charts. I like your CCI Picots and have them on my Range charts.

"Breakout trades when market is trending. Fade trades when market is range bound"
Sounds easy . I often have problems to identify if we are trending or in a range. How do you define a trend or a range? Do you use any filters or do you only look at HHs and LLs and VWAP?

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  #6 (permalink)
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TempletonPeck View Post
Thanks for your charts. I like your CCI Picots and have them on my Range charts.

"Breakout trades when market is trending. Fade trades when market is range bound"
Sounds easy . I often have problems to identify if we are trending or in a range. How do you define a trend or a range? Do you use any filters or do you only look at HHs and LLs and VWAP?

No filters, just look at price. I am not always right naturally, but generally I consider a .50 tick range on CL to be range bound and will fade moves inside of that range. Beyond that range I consider trending and look to buy and sell the breakouts.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #7 (permalink)
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Update daily chart. Interesting area.

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  #8 (permalink)
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Most so called experts were predicting that CL would settle into a range between $80 and $85.

It's fun to speculate, do you guys think we will move back down to $80 or hit $90 first?

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #9 (permalink)
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The oil rally appears to be the result of a falling dollar due to QE2 and not because of tight supplies or increased demand, so the contrarian in me would of like to fade this up move. Technically CL is over bought, and fundamentally is bearish, but the markets aren't exactly rational lately. Conversely, the dollar is over sold and the sentiment is extremely bearish, which makes me want to be long the dollar.

Attached Thumbnails
CL Overview-8843384d1ca8a7f8f8b7c7f2c923f906.png   CL Overview-0945cdefff1c7abeae007e1abdaff8a8.png  
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  #10 (permalink)
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Itīs possible that CL will hit $90 first before itīll move down but there is upcoming divergence on a daily chart. Perhaps CL will retest the breakout area first of all.
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I also think that the further development of the dollar will give direction for CL as well. 75 is a very important level for DX.
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