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Just as a question, if its not a secret how many contracts (position) do you guys trade? i am usually not more than 3 contracts, as i consider cl a very volatile contract and a smooth change can change my account considerably
i have been using this balance line level since i started trading, and i think is good to let this know to other traders,
what we do (all traders that use this method) is:
PHOD+PLOD/2, for example yesterday´s high was 96.90 and the low was 95.47 if we take this:
96.90+95.47 = 192.37/2= 96.185 approx. next number 96.19.
you can see today this number was tested to the tick and triggered a trade that resulted in a move of about 45 ticks.
you can add this levels for the day before up to 4 days back in time.
it will give you this levels that some call "Hedge Fund Levels"...
I understand that you use a 5 minute opening range because you deal in small time-frame bars/trading, but my initial guess would be that the 5 minute opening range wouldn't really be indicative of anything that you could use to forecast the day's trend. Obviously it works for you. What do you think it is that makes the 5 min OR significant when the big boys probably aren't basing anything off of it?
