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Presses

oil4.28.20 This is the third video this morning on oil. This is about presses... which are higher tops and bottoms with a minimum of three bars. Because it set up correctly, it was easier to show you the dynamics. I talked about potential scalping techniques that might help you realize more profit potential that might not otherwise occur to you. There is always a risk which is inherent to scalping because of risk: reward issues. Still, it is worth listening to because it is not an intuitive way to trade in real time for many traders who are one-sided thinkers: they think the market is either going up, or does going down when it's not nearly that simple. The other two videos today are much more important regarding oil. In this video I showed my perspective on how presses often include the body of the previous bar, when you listen to the video you'll understand my reference. But what I did not say is that if there is another bar pressing higher tomorrow, the market may retest a good portion of today's bar, and if you are a one-sided thinker, this is not going to be a comfortable experience. My recommendation is to look at and observe it, and see if it's something you can use that is compatible with your requirements as a trader, but don't trade it until you get a feel for this because it might not work for you, and the fact is it doesn't work all the time anyway, and it requires some discretionary real-time analysis; and most importantly...what you have done effects what you are able to do, and what this means is if you're holding a contract at a higher price and your unrealized position in this market reflects that you're already down $1500, you may not want to add a contract because you think the markets going higher, but if it doesn't you are now losing on two contracts. Just watch the relationship and don't trade until you get familiarity and you're comfortable with this type of analysis.
NYMEX:CLM2020Education
by ScottBogatin