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Crude is related to the dollar but it's more of an inverse correlation. If the dollar goes down then it takes more of them to buy a barrel of crude.
However crude is also correlated to the health of the economy and that's where it gets tricky because that can be opposite the correlation with the dollar.
I go for very short term swings (usually) so it doesn't really matter much for me. For longer term trades it could be important.
On 2nd thought, to decouple the correlation from the Euro this chart uses the DX (dollar index futures) but it's a little harder to follow because it has an inverse relationship with oil.
Jeff doesn't your plan call for a SAR when the stop is hit on the same bar of entry (therefore an outside bar) ?....this way u should have gone short 78,50 level, right?
if there is an inside bar just before the open, do you trade it? Do you take the setup (enter a few minutes after the open) ? or does the inside/outside/reversal bar have to occur after the open?
I've looked at this both ways..........at this point......if the signal occurs on the bar just prior to the open or at the end of lunch......I take it....as long as the entry is within the trading hours.
In doing my candlestick research I've read and listened to as much Steve Nison as I can find and.......he recommends combining the japanese candlesticks WITH some western technical analysis. So perhaps your idea is in the same vein.