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Db,

 

Do you mean the LSH at 14?

 

Gringo

 

No. It held at 10 at 1002. Buyers then stepped in and broke the SL a minute later. $ then broke thru 16 3m after that.

 

The fact that $ reversed at R (16) suggested reversal, particularly when $ dropped below 13. But when it stopped at 10 and rallied so strongly, this instead suggested that all this was a RET in the long trade from 08, which, as it turned out, was the case.

 

Db

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Db,

 

B shows a solid strength of demand in action.

 

Does A also give a preliminary green signal to attempt a long?

 

1) S/R is at hand.

2) SL is broken.

3) Test successful.

4) Price rise ensues.

 

Based on these qualifications A also seems to fit the bill for demand asserting itself. It is a bit earlier but is it wrong for someone to attempt a long there based on the above four points?

 

attachment.php?attachmentid=31804&stc=1&d=1349365869

 

 

Gringo

5aa71152976f2_NQ100(1Minute)20121004115035.png.7a4c64be314d1bc8b1cd6f783743e79b.png

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Hi

Today's summary

 

Trade 1 - played the hinge at the open, PA was clear, had the patience to wait for a pullback and exited just as TL broke

 

Trade 2 – a reversal setup by my rules + no LOD, followed my rules and was happy.

Then price headed down that’s when I noticed the TL (down) from the open, I was patient because of the news and waited for confirmation either up or down because of the downward TL.

 

I totally missed the bigger upward TL from yesterday (drew it only after the rally up to 2821, I was looking for something to explain it)

While price rallied up I was waiting for a pullback or a reversal

 

Trade 3 - when price pulled back after breaching 2821 i went long not realizing that price reversed a tick before HOD, I should have notice that and paid the price.

 

Trade 4 – a small hinge was formed, price was slow moving and I practiced patience till price broke down with speed after a pullback, I was late on the entry…, once I noticed no LL was formed + slow PA I decided to exit with a loss

 

Trade 5 – again a strong thrust down, I was late and waited for a pullback which arrived, when I entered short price froze again and started drifting sideways creating tiny HL, decided to ditch the trade because of the close TL (which I polity disregarded when entering the trade in the first place)

 

Generally I felt better than the last 2 days, PA was much clearer for me, I managed to follow my rules and be in control over impulse (though I slipped a couple of times).

 

Tomer

5aa71152a1783_NQ12-12(144Tick)04_10_2012-trades.thumb.jpg.8ab512d1027b28b6233f18442d10b30b.jpg

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Db,

 

B shows a solid strength of demand in action.

 

Does A also give a preliminary green signal to attempt a long?

 

1) S/R is at hand.

2) SL is broken.

3) Test successful.

4) Price rise ensues.

 

Based on these qualifications A also seems to fit the bill for demand asserting itself. It is a bit earlier but is it wrong for someone to attempt a long there based on the above four points?

 

Gringo

 

This is what I was referring to in post 503. If one re-enters the short, he must be prepared to SAR when he gets a HL instead.

 

Db

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Yes, it all makes sense. Thanks Db.

 

We need the chat room...could have been heavenly and efficient with it. Perhaps I'll send another email to the power brokers.

 

Gringo

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Wasn't on my game today....

 

Due to circumstance missed about the first 15 mins after pit open..This is often a good time to get positioned so felt uncomfortable having missed it. I had a valid entry to short just as I was getting settled in but passed as had already missed an earlier entry point

 

Took a short entry later (mid screen) but the quick exit was random...

 

Accepted I wasn't "on it" so chose to be an observer for remainder of session.

 

Cheers

5aa71152a7030_ZW4Oct20121.png.49c125ba3706a7143f445034526578ab.png

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BearBull

What is the time frame in the charts?

20 changes?...

 

 

Tomer.

 

Yes..20 x price changes....I use this resolution primarily as an overall view/summary. I look at a 15 sec and a low resolution tick chart to follow price movement for more exact entries/exits more closely in RT.

 

Cheers

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This whole forum has been wildly eye opening. Just wanted to say thank you.

 

Hello eminiman414,

 

Welcome! It's good to have another fresh voice in the forum. Feel free to ask questions and enjoy the process of looking at price in a new way. It's like taking the "red pill."

 

:cheers:

 

Gringo

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Ok, here go my levels for CL for today.

 

attachment.php?attachmentid=31815&stc=1&d=1349434713

 

I don´t really understand how many levels are too many, any advise will be appreciated.

 

I tried following NQ in real time along with CL, but I am really not up for the task yet, get confused too easily. That is why I am not posting more NQ charts.

5aa711536408c_CL11-12(10Min)05_10_2012.thumb.jpg.acaefd2fef2d6eafd32a130333b814ba.jpg

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Looking at the 5h chart, crude is in a downtrend and I agree with most of your levels, however, I'm not sure I would rely to heavily on all the levels you have plotted between 88 and 90.5, as I don't see price spending enough time there to provide decent support.

 

If you rely on small congestions on the 10m chart that's fine, I tend to look for larger "value areas" on higher bar intervals (at least the 30m).

5aa711536a078_Cl5h.JPG.42415dfcb52ad1ebe386c2ec9c9d3bcb.JPG

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05.10.2012

 

Good morning.

 

34 range – a 5 day trading range is visible, price above it, exit from the box ranges was not violent but more with ease with the uptrend.

 

Areas of interest

R @ 2852, 2871

S @ 2821

Upward TL.

 

Tomer.

5aa7115375316_NQ12-12(34Range)05_10_2012.thumb.jpg.80c97ac00d4ecc6e3e923a6c52c5fa89.jpg

5aa711537f1f4_NQ12-12(21Range)05_10_2012.thumb.jpg.6e5447080416c890364213ff4bd5c0de.jpg

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05.10.2012

 

Crude view

 

I'm with tupapa, i think major levels are more important, and the guessing game is useless since you will know if a level was major and minor only in hindsight.

 

34 range – a clear large frame downtrend, currently testing it, price is after a nice down swing with a decent RET back at previous trading range box lows,

 

13 range – price @ major area, below are minor areas of interest (I usually mark swing high/low )

 

Areas of interest

 

R @ 91.8

S @ 90.60

Minor S on the way down up to 87.70

 

Tomer.

5aa71153a9b33_CL11-12(34Range)05_10_2012.thumb.jpg.b69e351035e81987a934858136b11782.jpg

5aa71153b3f3d_CL11-12(13Range)05_10_2012.thumb.jpg.18102747d94a346df73e4e2354d6b116.jpg

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