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I view this as a first step.....trying to perfect entries and observe best times to trade. I'm going to keep up the scalping till the end of the month and if my track record warrants it I will add contracts and targets. You gotta love the volatility.
Jeff, that's a very impressive chart of CL. So simple. And you use it to make four winners in a row. How much better does one have to be?
This one is a little messier because I had two ideas to show along with a basic, classic P&F chart drawn as bars versus the old 0's and X's which don't compact well.
First, I just quickly drew some trendlines and SR lines. PF charts make these very obvious.
Second, for fun, I put on an EMA based on high and one on Low to create a band. Using anything based on close on PF charts is probably a waste of time because of how some bars move so far relative to others when there is a move. And also for fun I suggested simple system rules. Probably wouldn't work too well in many conditions, but probably also work quite well in many others. Also just for fun in the spirit of 'all you need'.
But you can see during trending times how orderly the correction back to previous support or resistance is. Congestion is congestion. Longer term SR is also easy to spot. ( The two green lines came from earlier today in live market analysis and referenced something on a 30 min chart whilst I was using 3 min in this window.)