Personally I don't see that as a High2, the second one that is. The pullback was far too deep making it look more like a possible reversal. However in drawing the trendlines an expanding triangle appears providing some setups. I've attached my interpretation.
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Not necessarily. The bull flag or bear flag relies on the underlying trend being up or down and the flag is simply an organized retrace that is eventually broken. The spike and channel pattern can occur regardless of the existing trend. The key elements are the spike and the channel (wonder where the name came from )
So I guess the short way to say it is a flag can be a spike and channel but a spike and channel is not always a flag.
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So I traded like an ass clown today, either passing on great setups or forcing bad one's. Fortunately I did manage my risk well so the damage was pretty minimal. But, I decided that as punishment I should go back and chart the whole day on CL (not really punishment when you enjoy it but whatever).
One thing to note is I set my chart hours during the pit hours. There are great trades during the off hours but I want to focus on when the biggest volume is in play. Plus the gaps between the pit hours can create opportunities.
Also, this chart was done in hindsight so it's not fair and I know this. But, I don't think that negates the learning opportunities derived from it. Hope it helps someone.
EDIT: Just realized my short at about 9:10 I referred to as a High2 when it should be a Low2
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I'm noticing that I am much more profitable on CL from 8-9am than from 9am + (NY Time). So much that I am seriously considering stopping CL at 9am and focusing on Euro & ES. I'm not just saying this because I had H2 yesterday, I've noticed this over the past 2 months.
I took the same trade on Euro too but I'm not sure it was H2 as Euro was a bit messy. I met my goal on both so for the rest of the day I trade on sim for these two. Still gotta make my goal on ES..
Blz - I really enjoyed your "perfect trading" chart of CL. Very thoughtful. if only we could detect those in real time. I think we can, just takes a lot of practice.
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I feel as if I'm becoming better at spotting reversal setups, either temporary or full blown reversals. On the two attached charts are two different reversal setups. Both of which I saw in real time. I tried to trade the CL off the reversal but didn't get filled. That's my fault I should've had my plan ahead of time and had my stop order to let the market bring me in.
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