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CL 01-12 is in a downtrend, as indicated by the 60 minute chart. Yesterday's VWAP was 94.70 (orange line, ETH). Any move up to 94.70 can be considered a test of value, which should be considered for a short.
However, there is a number of reversal bars up on that chart, which indicates that there is upward pressure. Worse, we are close to rollover to CL 02-12, and given the recent down trend a short squeeze of some traders that are trapped with the old contract cannot be excluded.
If I look at the 5 min chart, I see a nice reversal bar touching the 3rd standard deviation. This was indeed a clear short at 94.70, which I exited one tick above the floor pivot PP at 94.44.
Where can I find the ACD indicators you wrote. I just got a quote from a guy asking for $400 to code me an OR and pivot indicator. I know you don't trade the exact system but have coded them for comparison.
Sorry but this message is a response to your PM, but I can't respond bc of the 5 post rule.
That sounds great, I also read that you think the noise bands are better indicators as breakouts being valid or not and using the volatility bands as targets. I happen to agree with you that ACD signals mostly happen too late into the breakout, therefore missing a lot of the move. I must say you got my attention with the noise and volatility bands. Is there any way you could explain how you use those indicators, as I saw you wrote in your one post (#66) that you could use the noise and volatility bands instead of ACD.