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Could be a flat day. Went back above the support on the weekly chart and is just sitting there. There is a lot of congestion to get through on the hourly chart to go higher. Although there is less resistance to the downside. I will be watching till it breaks out of this range.
Robert
nosce te ipsum
You make your own opportunities in life.
Can you help answer these questions from other members on NexusFi?
I have a test trade in 6E using the same rules but its not working out as well. 6E moves are erratic and there are a lot of false moves. You can tell this by the tails on the bars. I now remember why I quit trading 6E; it can make a good trader look bad!
One condition I have for entering a trade is to wait for a new low and on the next bar take a long trade if price breaks the previous bars high. I did not take this trade because price would have been moving back into congestion. Based on the outcome of the bar this turned out to be the right decision. This is a breakthrough moment; I am starting to see the whole chart and not just the bar I am trading.
Edit: Had I entered the trade I would have been stopped out.
Took a 5 tick scalp on the breakout of the range. I probably could have held a little longer to get 10 ticks. This will probably be my final trade of the day. Ended the day with +20 ticks.
I am having difficulty reading the overnight action. If you look at the hourly and 15 minute chart its pretty much a rounded top except its not a top... If you follow the rules for a rounded top and bottom, then this formation suggest that CL will go lower.
I missed my original entry about 20 ticks higher but got in on the break below the opening 30 minute range. traded 2 contracts today with a 15 tick target. 1 lot was filled at 15 ticks and I exited the final lot when it started pulling back. Total ticks gained was 22 ticks.
After the second lot didnt get filled I briefly thought about moving the target out and moving the stop to BE. Decided instead to book profits.
