Blue is Abundant

The abundance of blue was not due to any changes I made in the blue bars. The price action this morning makes everyone a trading genius. It went up, and up, and up. Then a retrace to support, a bounce, and up some more.

Nice and easy.

Caught 2 full targets in that action. Trading for a target in a market like that looks rather foolish, but you would have to let me know in advance when those market conditions are coming. We have not seen a consistent run like that in a long time.

Sounds like OPEC is sticking to their quotas and ruminating on cutting more production.

The afternoon session saw the signals fire, trades entered, and there they died. Two full stops there.

All in all a good day.

I'm not going to comment on the changes to the blue bars as I'm not sure anyone cares :) and the changes may not be done.

5 Minute Crude Oil Charts

1 Minute Crude Oil Charts

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FX said...

What does full target mean? R multiple or some number of ticks?

Solfest said...

FX it's roughly an R3 exit, 36 tics.

I use the ATR to increase the probability of that target getting hit by not trading until they reach a certain level.

If I have my game face on I will move the target up once in the trade based on how high the ATRs are reading.