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 a program called BloodHound from Shark Indicators and it is available through IndicatorSmart.com.)
We covered various methods of reading trend in yesterday's blog post, so be sure to read that and understand it.
The High Volume entry is an excellent with trend entry method. This is separate from the Early Entry (Encompassing Bar) method and so you should be aware of the Early Entry method also. Further, you should be aware they can overlap, for example you can have a high volume encompassing bar.
Let's take a look at the chart from today's Oil Trading Room to see the Early Entry signals:
Study the above chart and learn to be able to see these entries on the chart. You will want to be able to see this without the background colors popping up. The way I do it is to look for the volume to exceed the yellow line on the Smart Volume Stats tool as it is occurring. I often place an order for the Early Entry one tick above the previous opposing bar and if it is, or becomes high volume, I will entry at the end of the bar. Once you try this procedure a few times, you will get the hang of it.
If you would like to submit an article based on your experience using the room, let us know! We'd be glad to have you aboard!
That's all for now....