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Today's post oil report move demonstrates what I call an order flow event. Extreme volume to the upside initially...then a retrace...which triggers 1000's of stop loss orders..then longs exiting their positions..profit taking..All this combines to have a fast 100+ tick reversal that has nothing to do with fundamentals..technical analysis or anything..pure order flow move.
I caught a few good moves already..waiting for a possible move back up later.
I will probably not take any entries on Cl unless price fails at a significant low or high of the session..then possibly play a reversal. Conditions are not good for my usual entries.
Reading your thread very interesting progress on your trading, congrats.
Difficult day to trade CL.
Do you look at TF on days like this?, and like CL, hours you like?
I have sim trading cl on 2 range chart and like the pace,for me. Being trading other instruments like ES, NQ, sometimes CL watching times of the day, also make my day shorter.
CL and TF seem to fit me better, like momentum,volatility etc.
If you trade TF can you recorded so we can watch and learn more of your analysis trading it?
Appreciate your help.
Srq1
Anyhow..for me..this was a day to basically stay out. This is what I refer to when I mention unfavorable market conditions. These are also the days that provide those statistics you read about in the threads that claim price action setups and patterns don't work.
You have to determine, early on, that this is not the type of day to keep taking entries or you will probably end up losing lots of trades.
Yes, I took some trades on TF today and made about 30 ticks..but they were only on SIM. I need a few more weeks on it before I go live..When I go live..I will probably record both monitors so the TF trades can be seen. The problem is when I record both monitors, it shows up as a split screen and the charts are pretty small. It's hard to see the details.
I like the opening hour or so on TF and the last half hour sometimes.
I thought you trade TF, read it in one of your post, while back, .
Are you re-training yourself on it.
Are you using same system.
How did you do before when you trade it.
Thanks for taken the time to respond
Srq1