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whats and inside day mean, or does it mean anything at all? I'm just wondering because if the CL closes where it is now, thats what it will be. I'd just like to have a heads up for tomorrow.
Thanks for any responses
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I think he is asking for a prediction on tomorrows action based on today being an inside day.
Mike
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A series of "inside" time periods indicates consolidation and usually precedes a breakout.
As far as where the price of CL closes, you can do your own study of gaps up or down and what trends you can glean (if any).
I can tell you, that I've done strategies that worked on gaps swimmingly during an extended period (months) and then simply stopped altogether when the market changed (or trading habits changed).
When you have an inside day, you can, at some point expect a nice break out right? Atleast that is what should happen, of course noting has to happen, I know.
If you look at the daily CL chart, there have been 2 inside bars which also qualified as NR7 (narrow range 7 bars). Further there have been four other NR7 bars. After all those bars there were either no breakouts or false breakouts. So it is not obvious to assume that today will bring the breakout that has not occured so far.
CL is still in a consolidation after the drop of about 9%, which occured on May 5. The current situation certainly qualifies as a squeeze.
Is the phenomenon of a breakout because of the relocation of support/resistance (and preset orders) or because of gorillas that wait in the shadow to spring out when a fundamental change hits (or both).
I would venture that it's a little of both.....the consolidation results from agreement in the marketplace and traders pull their orders closer as agreement persists (in order to get in/out) and as soon as a fundamental change (like news or supply/demand) then the spike in volume busts right through the tightened resistance/support and it takes the market for a ride while the contrarians catch up?
