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As usual we had a nice push into the close of CL. What I've noticed is that there is push from 11:00 AM PST to 11:30AM PST (Pit closing) All I have been doing is setting a buy or sell stop one tick above or below the previous half hour high/low....that's it.
Hi Jeff, thanks for sharing your charts it's really helpful.
Can you explain how you're using the 10 & 30 range? When trading cycles I've used 3 timeframes but I found the smallest always leads and by the time the big one agrees the move is underway so then I wait for a pullback on the smaller one and then enter on the breakout of the pullback. I hope that makes sense. Maybe we could do something similar with range charts?
I ended up dumping the 10 range bar on CL. My problem is that when I have a faster chart up I tend to start trading that chart. So.......I used just the 20 and 30 range this afternoon and liked it much better. To me fast charts mean NOISE......and I don't need the distraction.
As far as what I look for......just general agreement. For instance.....if I get a signal on the 20 range bar chart and the 30 has not triggered yet....that's ok as long as it's not going against the trade I'm considering. The 30 range bar keeps me from getting jerked around.
I'm sure that the definition of "noise" is subjective. I know some traders that love a fast chart. I do not. Just look at the gyrations the 10 range bar would have put you through compared to the relatively calm 30 range bar.
Yes, there have been discussions on the 1-2-3 and the A_B_C patterns on the thread. The place that I originally learned these basic patterns was with LBR Group. Linda Bradford Raschke is a brilliant market technician and I learned a lot from her. She has many articles on the web so.....I would suggest that you do a goggle search and check out her stuff. She has one paper called "Five Trading Patterns" that I really like.
LBR does not use range bars......I find that these patterns are easier to spot with range bars but......to each his own. What ever works.
I'll see if I can dig up some of the past posts regarding these patterns...stayed tuned.
I found a post on page 182 of this thread #1816......it explains the 1-2-3 that was popularized by Trader Vic. Just put your mouse on the diagram and it shows you the opposite pattern.
