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It appears to be a retest on lighter volume. So the key would be the next bar up to see if there is follow through.
There is a substantial risk of loss in trading commodity futures and options. Past performance is not indicative of future results. The opinions expressed here are those of Gary Fullett, and are not to be taken as a recommendation to buy or sell commodity futures or options. This is for educational purposes only.
The key to this chart would be the background and trend. Springs fail in down trends. So we may react somewhat from the spring position. But if a weak reaction (volume and price), then the market will have mark down. From a spring position, if bullish, the reaction in my experience should be within 1-3 bars.
There is a substantial risk of loss in trading commodity futures and options. Past performance is not indicative of future results. The opinions expressed here are those of Gary Fullett, and are not to be taken as a recommendation to buy or sell commodity futures or options. This is for educational purposes only.
hi, Gary, I marked that inside bar with green arrow. the previous bar had large volume and wide spread down bar, we know it is an effort to fall. but the bar with green arrow has narrow spread, but huge volume. my interpretation is, the red bar is SC, the green arrow bar means the cm is absorbing the selling.
I don't really think the large red bar to the downside was a selling climax. Having said that, in hindsight, the market reacted from that level.
There is a substantial risk of loss in trading commodity futures and options. Past performance is not indicative of future results. The opinions expressed here are those of Gary Fullett, and are not to be taken as a recommendation to buy or sell commodity futures or options. This is for educational purposes only.
starting to look at this together with other price action in the market place - finding that range days are easier to trade , the idea is now to find out how to quickly determine if possible that its a range day , also the stop loss and profit targets for the method
I have much experience with PnF Charts on Dorsey Wright site. I can help in that area. I am new to Thinkorswim. I need a code to run scans. The code would be for stocks (who's price) has crossed above the 200 day moving average (simple). However (if possible) the price should have been under the 200 day moving average for at least 4 months. I intend to use it on two chart settings (a daily one yr chart) and on ( a 60 day 1 hour).
I figure this is a basic code but I could be wrong. Let me know if you can help? Thanks -Tnado
Chart of CL. Looks like a nice spring of the overnight low. Nice trend followed as well.
At some point in the not too distant future I hope to trade something like this instead of marking it up in hind sight.
Given that CL has been in a bit of an uptrend and held gains overnight I would have been looking for an area to go long. The spring of the overnight low is a good area to do that because you are at the danger point. The least amount of risk, but requires big B***S to enter.
