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I am going to modify my approach with regards to CL in this journal. I am as convinced as ever that these levels work on CL just as well as they have for me on other instruments, but interpreting the reaction to those levels has been unique to CL, at least this week.
I will be back after I run some more simulations and will begin again with system #2 as stated in the first post.
In the meantime we are only on the 3rd day of the month and the first monthly level is already in play. This has been a very strong upward move. Unless some massive selling pressure arrives I think 102.80 (1st monthly level) is the next upside target. It is only 6:30 am central time and we are already above the upper daily level (100.76).
One last post for a while. I am going to let some modifications I made run in automated / simulated mode against a live data feed and see where the PNL ends up after a few weeks.
If any of you trade levels or believe in the concept feel free to comment and we can exchange ideas / concepts. Best of luck. Crude has certainly been an interesting trade the last few weeks.
On a discretionary basis, I would love see a pullback to the 104.9 / 104.5 range to get long with a target of 106.25.
Obviously a very strong month for crude but price was rejected at the monthly 2nd standard deviation level. Since then we have dipped below the Quarterly 1st standard deviation level but re-tested that again today.