Mega Bars are smooth, but what is it that makes them particularly good is their 5 tick range. Crude Oil has a 10 tick structure, meaning there are 10 ticks in each $100 move in the market, or $10 per tick.
Because of this structure, a large percentage of the time, day traders will place orders according Continue reading
One of the key concepts we deal with in the Oil Trading Room is that of open zones. An open zone is an area on the chart that is unfettered and open for expansion. Trading into an open zone can help to make you a winning trader in a big way if Continue reading
Today was a report day in Crude Oil and we had to navigate through it wisely in the trade room. There are in fact any number of seasonal tendency trades in Crude Oil and I am going to share my Continue reading
We have various methods of entry. Today in the room I have the high volume entry turned on so the background color of the chart will turn green for a signal to go long Crude Oil (if you like this feature, it is from Continue reading
One of the nice things about Mega Bars is they are easy to read with the tools we have available. Here are a few tips on reading the price action based on the rules and a couple advanced day trading techniques:
One, per the rules, you want to make sure you are with the trend, either by cycling, by going with the Price Band and/or by Continue reading
What exactly are the Mega Bars? Mega Bars are a type of price bar that is similar to a Renko bar. For the Oil Trading Room, we are using a bar brick range of 5 ticks. So the bars are all 5 ticks tall and if you have a reversal, they are 10 ticks tall. This makes computing things really easy because if you have 5 consecutive bars of the same color, it is 25 ticks. Mega Bars are entirely unique however and are unlike any other bar. The room is based on these bars because they are exceptional price bars for intraday trading.
The only place these bars are available is in the Oil Trading Room. Continue reading
We will be launching the room in the next few days. Monday (Sept 1st) is a holiday so we will probably start on Tuesday or Wednesday.
For today, let's take a look at early entry- one of our entry techniques. Early entry trades at the break of the previous bar range in the direction of the trend where the previous bar was in the opposing direction. This is best said visually, so let's look at today's Mega Bars chart: Continue reading