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I really do like "RJay's Price Channel Adaptive" indicator and do plan on buying it in the near future. However, for now I am going back to my plain charts with only my volume counter and the price action swing indicator. Here is a pic of the current CL chart so you know what I will be looking at:
Missed the good setups earlier this evening and entered into a high risk CT trade on CL. Risking 8 to gain 12 with 1K. I am not willing to risk any more than that. The fib target is at 52.70 about 8 ticks from the current low. I would not be surprised to see price stop me out and go down to that target before a deeper pullback occurs but the candles were showing such weakness that I thought I might be able to get the 10 to 12 ticks here. If so, I will be watching to enter short on a 2S setup.
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
When price stalled and could not seem to break thru 52.89. I elected to move my stop to -2 ticks and my target to +5. The +5 finally filled but even now price has not been able to break up past 52.89. So I will start my day with $50 in my live account and wait for price action to give me a good setup with greater probabilities of success.
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
I elected to come in late this morning past all the major news and found this CT trade when price reached the 61.8% retracement level area and I had a 2S. A quick 10 ticks with 2 contracts in my live account.
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
I took an early trade on CL as the market reopened anticipating price to continue in the direction of the open. Technically it is a 2L continuation trade. I have a 4 tick stop with a 12 tick target (1:3). In my live account I am trading 1K and in TST I am trading 2K's. Here is a pic of the chart using a 5 min. time frame.
Don't be controlled by GREED, Led by FEAR, or Puffed up with PRIDE!
