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Updated February 12, 2019
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February 4th, 2019, 11:35 PM
Calgary/Alberta
Experience: Advanced
Platform: Ninjatrader, NeuroShell
Broker: CQG
Trading: CL
Posts: 43 since Jan 2012
Thanks Given: 23
Thanks Received: 21
john5
I don't trade CL, so I don't know its "character" and how it trades. I know that it is a little wild, but the setup is the same.
Do a little experiment. Plot weekly levels as one continues plot from the beginning to the end of a week (38.2, 50, 61.8) Plot previous weeks too. Plot nothing else. See if you see a pattern of the price behavior.
There are at least four levels to pay attention to: Weekly, Globex,
RTH , and Daily. My setup plots RTH into next day's Globex and stops plotting when RTH opens. So what happens is that if the price stays within the High/Low of the previous day during Globex, there is no difference between Daily and RTH levels. If the price moves outside the prior High/Low, the RTH vs. the Daily levels will be different and it is something to pay attention to.
In addition, the levels can be plotted in two different ways, using just the candle's body (not counting the wicks) or full
range . The price will react to the prior levels, so you want to have prior daily/weekly levels plotted.
Excellent information, I will plot the suggested levels and will publish them here.
Regards,
Mr III
February 4th, 2019, 11:38 PM
Los Angeles, California, United States
Experience: Advanced
Platform: ThinkOrSwim, Ninja Trader
Trading: Futures
Posts: 116 since Aug 2013
Thanks Given: 5
Thanks Received: 80
Mr III
Excellent information, I will plot the suggested levels and will publish them here.
Regards,
Here is a quick look at today's CL price action : https://www.screencast.com/t/afziNEh2hxP
February 4th, 2019, 11:40 PM
Calgary/Alberta
Experience: Advanced
Platform: Ninjatrader, NeuroShell
Broker: CQG
Trading: CL
Posts: 43 since Jan 2012
Thanks Given: 23
Thanks Received: 21
john5
Seems to be a problem with the URL Link for the screencast.
Mr III
February 4th, 2019, 11:42 PM
Los Angeles, California, United States
Experience: Advanced
Platform: ThinkOrSwim, Ninja Trader
Trading: Futures
Posts: 116 since Aug 2013
Thanks Given: 5
Thanks Received: 80
Mr III
Seems to be a problem with the URL Link for the screencast.
What is the problem? I can open it: https://www.screencast.com/t/afziNEh2hxP
February 4th, 2019, 11:45 PM
Calgary/Alberta
Experience: Advanced
Platform: Ninjatrader, NeuroShell
Broker: CQG
Trading: CL
Posts: 43 since Jan 2012
Thanks Given: 23
Thanks Received: 21
john5
I am not 100% sure what the problem may be, I get an error message upon trying to open the link.
Mr III
February 4th, 2019, 11:48 PM
Los Angeles, California, United States
Experience: Advanced
Platform: ThinkOrSwim, Ninja Trader
Trading: Futures
Posts: 116 since Aug 2013
Thanks Given: 5
Thanks Received: 80
Mr III
I am not 100% sure what the problem may be, I get an error message upon trying to open the link.
Strange, I can open it.
Can you open this? This is CL, 10 years, Weekly Candles: https://www.screencast.com/t/AMysTSu0tY7j
February 4th, 2019, 11:54 PM
Los Angeles, California, United States
Experience: Advanced
Platform: ThinkOrSwim, Ninja Trader
Trading: Futures
Posts: 116 since Aug 2013
Thanks Given: 5
Thanks Received: 80
CL on the way down before the reversal and a change of trend: https://www.screencast.com/t/EnFiChWe9p
February 5th, 2019, 12:06 AM
Los Angeles, California, United States
Experience: Advanced
Platform: ThinkOrSwim, Ninja Trader
Trading: Futures
Posts: 116 since Aug 2013
Thanks Given: 5
Thanks Received: 80
@ Mr III
One thing to keep in mind. If you don't wait for a reacting to the 50, usually, the highest probability entry is the 1st touch of the 50, and you have to be ready because most of the time it is just a wick.
February 5th, 2019, 03:30 PM
Calgary/Alberta
Experience: Advanced
Platform: Ninjatrader, NeuroShell
Broker: CQG
Trading: CL
Posts: 43 since Jan 2012
Thanks Given: 23
Thanks Received: 21
john5
@ Mr III
One thing to keep in mind. If you don't wait for a reacting to the 50, usually, the highest probability entry is the 1st touch of the 50, and you have to be ready because most of the time it is just a wick.
Thank you very much for the detailed explanation and figures charts. Quite impressive!
May I ask you, what are all the horizontal lines and vertical lines, are they Fib retracements from the High to Low on the chart? The vertical lines are they Fib time lines?
Regards,
Mr III
February 5th, 2019, 03:53 PM
Los Angeles, California, United States
Experience: Advanced
Platform: ThinkOrSwim, Ninja Trader
Trading: Futures
Posts: 116 since Aug 2013
Thanks Given: 5
Thanks Received: 80
Mr III
May I ask you, what are all the horizontal lines and vertical lines, are they Fib retracements from the High to Low on the chart? The vertical lines are they Fib time lines?
I don't use Fib time lines.
The vertical lines are the beginning of a new day, the start of Globex. Other horizontal lines are just the weekly levels. The current week and prior weeks.
P.S. Check your PM.
Last Updated on February 12, 2019