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CL Overview

  #1 (permalink)
 
TempletonPeck's Avatar
 TempletonPeck 
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Letīs talk about the big picture. I start with

- a weekly chart
- a daily chart
- a 60 Min chart with pivot ranges and 3-day rolling pivots.

Whatīs your opinion for the near future?

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  #2 (permalink)
 
Big Mike's Avatar
 Big Mike 
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TempletonPeck View Post
Letīs talk about the big picture. I start with

- a weekly chart
- a daily chart
- a 60 Min chart with pivot ranges and 3-day rolling pivots.

Whatīs your opinion for the near future?

I welcome a CL thread, thanks.

Looking at your charts, I would say we will be in for a move up. But, I have to ask, are you a position trader (long term)? If you are not, but instead are a day trader or scalper, or even to some extent a swing trader, then I would caution against "predictions" of what the future holds as they will just taint your bias and your ability to make money "today" as in now.

I think it is important to be aware of the trend lines, but I use them just like I use pivots or high/low markers -- they are just information to help me plan targets around, and not necessarily information that helps me decide a direction.

Mike

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  #3 (permalink)
 
Big Mike's Avatar
 Big Mike 
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Here are some of my charts for CL.

[img]https://nexusfi.com/v/8hegec.png[/img]

[img]https://nexusfi.com/v/tx5z97.png[/img]

Mike

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  #4 (permalink)
 
TempletonPeck's Avatar
 TempletonPeck 
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Big Mike View Post
I welcome a CL thread, thanks.

Looking at your charts, I would say we will be in for a move up. But, I have to ask, are you a position trader (long term)? If you are not, but instead are a day trader or scalper, or even to some extent a swing trader, then I would caution against "predictions" of what the future holds as they will just taint your bias and your ability to make money "today" as in now.

I think it is important to be aware of the trend lines, but I use them just like I use pivots or high/low markers -- they are just information to help me plan targets around, and not necessarily information that helps me decide a direction.

Mike

Thanks for your comment.
I am a scalper/ daytrader and usually trade a 6 Range chart and have a look at smaller timeframes (1M, 5M, 15M).
But I also want to know where we are in the big picture. For example: After a NR. 7-Day (or inside day) I watch how price reacts at previous days high/ low and look for breakouts.
I quite agree with you. Trend lines or pivots can be used as targets or possible entries for scalps if price stops at these levels.
Here is a chart from last friday.Trade opportunity when price broke 81,31. Possible target could have been the trend line in my 60 Min chart above ( area around 80,85 -80,90).

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  #5 (permalink)
 
TempletonPeck's Avatar
 TempletonPeck 
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Thanks for your charts. I like your CCI Picots and have them on my Range charts.

"Breakout trades when market is trending. Fade trades when market is range bound"
Sounds easy . I often have problems to identify if we are trending or in a range. How do you define a trend or a range? Do you use any filters or do you only look at HHs and LLs and VWAP?

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 Big Mike 
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TempletonPeck View Post
Thanks for your charts. I like your CCI Picots and have them on my Range charts.

"Breakout trades when market is trending. Fade trades when market is range bound"
Sounds easy . I often have problems to identify if we are trending or in a range. How do you define a trend or a range? Do you use any filters or do you only look at HHs and LLs and VWAP?

No filters, just look at price. I am not always right naturally, but generally I consider a .50 tick range on CL to be range bound and will fade moves inside of that range. Beyond that range I consider trending and look to buy and sell the breakouts.

Mike

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  #7 (permalink)
 
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 TempletonPeck 
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Update daily chart. Interesting area.


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  #8 (permalink)
 
Big Mike's Avatar
 Big Mike 
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Most so called experts were predicting that CL would settle into a range between $80 and $85.

It's fun to speculate, do you guys think we will move back down to $80 or hit $90 first?

Mike

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  #9 (permalink)
 
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 tigertrader 
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The oil rally appears to be the result of a falling dollar due to QE2 and not because of tight supplies or increased demand, so the contrarian in me would of like to fade this up move. Technically CL is over bought, and fundamentally is bearish, but the markets aren't exactly rational lately. Conversely, the dollar is over sold and the sentiment is extremely bearish, which makes me want to be long the dollar.

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  #10 (permalink)
 
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 TempletonPeck 
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Itīs possible that CL will hit $90 first before itīll move down but there is upcoming divergence on a daily chart. Perhaps CL will retest the breakout area first of all.


I also think that the further development of the dollar will give direction for CL as well. 75 is a very important level for DX.

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Last Updated on February 23, 2011


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