Bull and Bear Hooks identifying key day trading opportunities in the right context

One of our room members has put a lot of attention to the stretch pattern of Toby Crable.  Thi sinspired me to look into this pattern in some more detail.  In the process, I ran into another pattern that Crable refers to as the bull bear and the bull hook.  I decided to code these patterns up and do a little research and then I saw that Ned wrote about a similar situation in his Introduction to Market Profile article when referring to excess.  As I looked at his example, I could not help but notice it was the same pattern (it could be different, but in this case it was the same.

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An Introduction to Market Profile

By Ned Robinson

As many room traders know, I use Market Profile to help organize price data so that I can pinpoint high probability winning trade entries and trade exits. I have found that when I do this in conjunction with certain MegaBar setups that my winning percentage is very high. I have been refining this technique since joining the room 3 months ago. In fact, using the E2 setup (http://oiltradingroom.com/key-patterns-used-in-the-oil-trading-room-for-success/) and the 30 minute stats that Rob, Mike Wilt (another member of the Oil Trading Room) and I have been compiling, give me a great edge to make money trading crude oil futures.

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The Rail Road Ties Pattern in the Oil Trading Room

By Mike Wilt

I writing this to make sure there is clarity between the RRTies and RRT (Railroad Track) patterns I make reference to periodically in the oil trading room.  I see people use the names interchangeably.  RRTies is a multiple 10 tick pattern while RRT is a 2, 10 tick bar pattern.  To me a RRTies pattern is a RRT pattern that did not work out. Continue reading

Crude Oil Mega Break-Out Brewing

Crude Oil does not typically stay in one place for long.   We had some massive trading ranges last week and this week so far has been inside that one range from Friday November 28th.

Sometimes you get an inside day inside a D type distribution where the distribution looks like a bell curve or D (suggesting price agreement).  Sometimes you get two of them, but right now we have a double D inside Monday's range and Friday's too (see below). Continue reading

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